Donald Trump’s net worth plummets by $1 billion in a single month as his company inquires about delaying loan payments to German bank and rent to Florida county
- Forbes estimates the Trump Organization’s value dropped by $1 billion in a single month
- It went from $3.1 billion to $2.1 million
- Drops in commercial real estate values and hospitality industry
- His company has contacted German lender Deutsche Bank and Florida county about delaying payments
- Trump’s business was specifically exempted from $2 trillion coronavirus bailout package
- Trump abandoned his earlier goal of reopening the country by Easter and began a new 30-day program to slow the spread of the disease
President Donald Trump’s net worthy has dropped by $1 billion and a stunning one-third amid the coronavirus outbreak he is seeking to manage, according to a respected estimate.
The latest estimate by Forbes has Trump’s worth plummeting to $2.1 billion in a single month, as the coronavirus has ravaged people around the world and hammered the global economy.
Beyond the human toll, the disease has battered commercial real estate, a big component of Trumps empire, as well as the hospitality industry. Some states have even closed golf courses – although that hasn’t happened in Florida, where Trump owns two golf courses.
The latest estimate by Forbes has Donald Trump’s net worth plummeting by $1 billion to $2.1 billion amid the coronavirus outbreak
The magazine updated its billionaires list from March 1 to March 18, as coronavirus infections and deaths spiked. As reference they worked off a 37 per cent drop in the value of Boston Properties and Vornado Realty Trust.
Trump elected to maintain ownership of his business empire as president, but placed the Trump Organization in the hands of his two adult sons, Don Jr. and Eric, as well as an executive.
Under pressure during negotiations with Congress, the White House agreed to a provision that prevents a $2 trillion bailout package from going to Trump-owned properties.
Trump’s company has contacted German lender Deutsche Bank about delaying payments, the New York Times reports
Trump was criticized for visiting Mar-a-Lago amid the outbreak
Trump’s Doral course rents land from Palm Beach County, and reportedly made inquiries about whether rent would be collected
The Trump Organization has put plans to sell a luxury hotel in D.C. on hold
Trump borrowed from Deutsche Bank to build a skyscraper in Chicago
Bodies are loaded onto a refrigerated truck outside of Wyckoff Medical Center, as the number of victims from coronavirus continues to grow. Brooklyn, New York. 02 April 2020
Meanwhile, as businesses around the country try to cope with the economic impact of the virus amid national guidelines urging Americans to stay home, Trump’s company is seeking leniency from its top creditor as well as from Palm Beach County, Florida, the New York Times reports.
Deutsche Bank has reportedly lend the firm $2 billion since the late 1990s, even when other institutions refused to lend to Trump following bankruptcy filings.
Trump representatives have contacted the bank ‘to discuss the possibility of delaying payments on some of the hundreds of millions of dollars of outstanding loans that the Trump Organization has from the bank,’ the New York Times reports.
Trump’s Doral golf course in Florida – which Trump back in October announced would host the next G-20 meeting only to back away under pressure – is asking Palm Beach County with inquiries about whether it will continue to collect rent during the crisis, according to the times. The course rents land from the county.
The company is also a landlord, leasing to tenants with buildings in New York including Trump Tower.
‘These days everybody is working together,’ said Eric Trump. ‘Tenants are working with landlords, landlords are working with banks. The whole world is working together as we fight through this pandemic.’
The Trump Organization has put plans to sell a luxury hotel in D.C. on hold.