The wealth of former US President Donald Trump dropped in millions over the past four year.
Mr Trump’s total wealth is now estimated at $2.3 billion, according to the Bloomberg billionaire’s index, down from $3 billion when he took office in 2017.
Trump famously announced he would step away from his real estate and branding empire, putting it in the hands of his adult sons Don Jr. and Eric, along with a Trump Organization executive when he took office, despite analysts calling for him to sell them.
He also decided to forego the presidential salary of $400,000, donating it instead.
The coronavirus and government responses have taken a devastating toll on the travel and hospitality industry. Trump’s Washington, D.C. hotel, which was able to cash in with big bookings early in Trump’s term, has been seen with its once buzzing lobby virtually empty during reporters’ visits in recent months.
Amid the turmoil, the former president has at least $590 million in loans coming due over the next four years.
The ex-president who now lives in Mar-a-Lago, a property where his company was able to boost membership dues after he took office and continued to make regular visits.
Bloomberg quotes property advisor Ruth Colp-Haber saying Trump is facing a ‘triple whammy’ of COVID, an aging portfolio, and the aftermath of the Capitol riots.
After the riots Mr Trump lost being hosts to one of golf’s four prestigious global major men’s championships, the P.G.A Championship 2022.
The pandemic has also hit demand for his commercial real estate business in Manhattan and Wall Street.
Over chances of Mr Trump winning a second term in office, the Trump Organization pulled back from trying to sell a luxury hotel in Washington, D.C. in 2019.