How Much Is Former President Donald Trump Worth?




  • In Business
  • 2021-03-07 17:00:05Z
  • By GOBankingRates
Evan El-Amin / Shutterstock.
Evan El-Amin / Shutterstock.  

As of February 2021, Forbes estimates former President Donald Trump's net worth to be $2.5 billion. He now ranks as No. 339 on the 2020 Forbes 400, down 64 spots from 2019.

See: All the Ways the Trumps Have Made Money Over the Past 20 Years

The dip in Trump's overall net worth is largely due to the coronavirus and the impact it has had on industries in which he holds his biggest assets. Values for office buildings and hotels have plummeted. His properties in Washington, D.C. and Chicago appear to be underwater, while Doral, his golf resort in Miami, has lost 80% of its value in a year, Forbes reported. Still, he has some very valuable assets, including garages in New York City, the Mar-a-Lago Club in Florida and three nearby homes.

A businessman and former reality television star, Trump's path to wealth was very different than that of your typical politician. Read on for a better understanding of how Trump built his fortune.

Donald Trump Net Worth: $2.5 Billion

When he was sworn into his presidency, he was the oldest person to be sworn in - he was 70 years, 220 days old on Jan. 20, 2017. (That title now belongs to Biden, who was 78 when he was sworn in). Trump beat out a number of contenders to become the Republican nominee for the 2016 presidential election. He went on to defeat Democratic nominee Hillary Clinton. His term ended on Jan. 20, when President Joe Biden began his term as the 46th president.

Trump was born into a wealthy family and inherited about $40 million from his late father, real estate developer Fred Trump. In 1971, Donald Trump became head of what would later be known as The Trump Organization.

Trump's earnings and title have since helped him develop more than 500 companies. The business mogul has his stake in luxury golf courses, skyscrapers, television shows, casinos, books, merchandise and more.

See: Trump's 14 Most Questionable Campaign Expenses

Donald Trump's Businesses

The only thing bigger than Trump's personality is his business acumen. He landed a deal with Hyatt, the city of New York and the unprofitable Commodore Hotel beside the Grand Central Station, earning the right to renovate and rebrand the ailing hotel into the Grand Hyatt. In 1980, that hotel became an instant success, making Trump one of the best-known real estate developers in the area.

In 1984, Trump completed construction on the 68-story Trump Tower, which serves as headquarters for The Trump Organization to this day. The building includes a 60-foot waterfall and, on opening day, had five levels of retail stores and restaurants.

Trump has owned a slew of successful businesses and properties, among them Trump Place, a luxury residential community spanning 92 acres. The Trump International Hotel & Tower Chicago has a hotel, condos and numerous restaurants and shops. The success of Wollman Rink, a Central Park staple, is arguably credited to Trump.

However, following the storming of the U.S. Capitol, New York City announced that it was severing its business ties with Trump. On Jan. 13, Mayor Bill de Blasio announced that the city would be terminating three contracts with The Trump Organization that would cease its operations of a carousel in Manhattan's Central Park, skating rinks and a golf course in the Bronx, Reuters reported.

Learn: These Are All the States With Trump Properties and Businesses

Donald Trump's Failed Businesses

Donald Trump has major business wins to his name, but he also has some big losses.

In 1988, Trump spent $365 million on a fleet of Boeing 727s, as well as landing facilities in Boston, New York City and Washington, D.C. He also bought the rights to paint his name on a plane. His attempt to build a luxury flying experience under the Trump Shuttle name failed, however, and the company was decommissioned.

In 1990, the banks that backed Trump's investments provided him with a $65 million bailout in new loans and credit. Trump's famous Taj Mahal casino in Atlantic City, New Jersey, went bankrupt in 1991, and Trump Hotels & Casino Resorts went bankrupt in 2004. In 2009, the same company - now called Trump Entertainment Resorts - filed for bankruptcy again.

One of Trump's highest-profile business failures is Trump University. The unaccredited online college was launched in 2005 and closed down in 2010. Three Trump University lawsuits plagued his first presidential campaign, alleging that Trump University was a scam that cost students tens of thousands of dollars. Trump settled the lawsuits for $25 million, though he did not admit any wrongdoing.

Donald Trump's Wife and Family

Donald Trump has been married three times. He was with his first wife, Ivana, from 1977 to 1992. The couple had three children together: Donald Jr., Ivanka and Eric. The three eldest Trump children - along with Ivanka's husband, real estate investor and developer Jared Kushner - were highly involved in their father's presidency.

Trump married Marla Maples in December 1993, two months after Maples gave birth to their daughter, Tiffany. The couple divorced in 1999.

Trump has been married to his current wife and former first lady, Melania Trump, who has an estimated net worth of $50 million, since 2005. Melania is the mother of Trump's youngest son, Barron.

Look: The Wealthiest Presidential Children

Donald Trump's Lifestyle

Donald Trump sometimes lives in a three-floor penthouse in Trump Tower with his wife, Melania, and son Barron. The luxuries the family enjoys at Trump Tower include an indoor fountain and a door encrusted with diamonds and gold, Business Insider reported.

Among Trump's other notable properties is Mar-a-Lago, where he spent 25 of his first 100 days in office. He moved back to the estate after his term as president ended, CNN reported. The luxury club is worth $180 million, according to Forbes, and sits on 17 acres of valuable South Florida land. Trump bought the estate - which boasts 58 bedrooms, 33 bathrooms, 12 fireplaces and three bomb shelters - for the bargain price of $10 million in 1985.

Before having access to Air Force One, Trump shuttled between campaign stops in his $100 million Boeing 757 adorned with gold seatbelts. His fleet of luxury vehicles includes a Rolls Royce, an electric blue 1997 Lamborghini Diablo and a Mercedes-Benz SLR McLaren.

  • If You Get a Stimulus Check, How Will You Use It? Take Our Poll

  • How Long $1 Million in Savings Will Last in Every State

  • 30 Essential Money Habits

  • 27 Ugly Truths About Retirement

Taylor Bell and Gabrielle Olya contributed to the reporting for this article.

This article originally appeared on GOBankingRates.com: How Much Is Former President Donald Trump Worth?

COMMENTS

More Related News

Trump mocks Mitch McConnell for being
Trump mocks Mitch McConnell for being 'helpless' to stop Biden packing out the Supreme Court

Former President Donald Trump issued a new attack on Senate Minority Mitch McConnell after labeling him a "dumb son of a b---h" earlier this week."

U.S. to base additional troops in Germany in reversal of Trump policy
U.S. to base additional troops in Germany in reversal of Trump policy

The United States will ramp up its forces in Germany amid the latest tensions with Russia over Ukraine, abandoning former President Donald Trump's plans to...

Ron DeSantis might already be running for president. Donald Trump could help - and hurt - his plans
Ron DeSantis might already be running for president. Donald Trump could help - and hurt - his plans

Ron DeSantis, the 42-year-old governor of Florida, is doing the kinds of things that presidential candidates do. Will he run for president in 2024?

'I'm hopeful': Jerome Foster, the 18-year-old helping to craft US climate policy
  • World
  • 2021-04-13 06:00:26Z

The New York teenager has been included among a group of advisers to the president - a remarkable journey from protesting in front of the White House Jerome ...

Attack on Iran
Attack on Iran's Natanz plant muddies US, Iran nuke talks
  • World
  • 2021-04-13 04:25:12Z

The attack on Iran's Natanz nuclear facility is casting a major shadow over the resumption of indirect talks between the U.S. and Iran over resurrection of...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business