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President Trump stops to talk to reporters as he walks to Marine One on Jan. 12 in Washington, D.C.
Photo by Jabin Botsford/The Washington Post via Getty Images
When Donald Trump took the oath of office four years ago, the Trump Organization didn’t stop selling his properties. In 2017, it dealt $32 million worth of condos and land on his behalf. In 2018, it got rid of an estimated $53 million worth of real estate. In 2019, it ditched another $32 million of holdings. Then, in 2020, something strange happened: The president’s business seems to have sold almost nothing.
Sure, there were three units in Las Vegas, which generated $435,000 for Trump. And it’s possible there were other deals, but after reviewing hundreds of property records, Forbes didn’t find any. In previous years, the president offloaded New York City condos, but that didn’t happen in 2020. Nor did any sales of apartments in Chicago or lots in California.
As a result, one of the president’s most reliable cash streams suddenly turned dry. The drought surely impacted Trump’s financial liquidity, which was already somewhat limited going into 2020. At the end of the previous year, Forbes estimated that Trump’s $3.1 billion fortune only included about $160 million of cash. His net worth declined to $2.5 billion in 2020, and, since he likely had to cover losses at his hotels, it’s possible that the president has less cash today.
The Trump Organization tried to sell several properties in 2020. During the early months, the business was hoping to trade the president’s Washington, D.C. hotel for a reported $500 million. One buyer, Brian Friedman, offered $175 million, which the Trump family turned down. In March, when the pandemic set in, reports surfaced that the Trump Organization was putting the listing on hold. By May, Friedman estimated the place was worth about half as much as he had offered.
Even with the D.C. deal on pause, there still seemed to be a good chance that the president could sell two other properties, 555 California Street in San Francisco and 1290 Avenue of the Americas in New York City. Trump owns 30% of both office buildings. Vornado Realty Trust holds the other 70% and therefore controls the fate of the assets. In June, Vornado announced that it was looking to recapitalize the buildings. Since Trump has an estimated $784 million of equity locked in the properties, a refinance or sale could theoretically create a windfall for him. In late November, word spread that Vornado was no longer considering a sale and was planning to refinance instead.
Other properties remain on the market. Trump has been trying to sell his estate on St. Martin for years. There has been some interest, including from a Chinese billionaire, but the property is still listed. In October, the Wall Street Journal reported that the Trump Organization was considering offloading another mansion, Seven Springs in Bedford, New York, which is worth an estimated $30 million. But it hasn’t sold yet either.
Trump should be able to tap new cash streams soon. Post-presidencies can be quite lucrative, as Bill and Hillary Clinton showed, hauling in more than $240 million from 2001 to 2015 by writing books, giving speeches and so on. Trump could also strike new licensing deals and charge foreign developers to use his name on their buildings. After all, the president certainly has more contacts overseas today than he did four years ago.