Former President Donald Trump has seen his wealth surge by $500 million, reaching a total of $3.1 billion, thanks to a series of savvy financial decisions and property value increases, according to a report by Bloomberg.
A substantial portion of Trump’s increased wealth is attributed to the rising property values of his Mar-a-Lago estate in Palm Beach and his Doral golf resort in Miami. Trump also owns a dozen other golf venues in the US, Scotland, and Ireland, which collectively generated 50% more revenue between 2019 and 2022.
Additionally, in 2021, Trump sold his upscale Trump International Hotel in Washington, DC, for $375 million, enabling him to pay off a $170 million loan from Deutsche Bank.
The report reveals that while New York has accused Trump of fraudulently inflating the value of his assets to secure loans from banks, Bloomberg’s analysis found that Trump had indeed inflated the value of his assets, though not to the extent alleged by the state.
For example, Mar-a-Lago, Trump’s 62,500-square-foot property in Palm Beach, was valued at $240 million by Bloomberg, a substantial increase from New York’s valuation of $27.6 million. In contrast, Trump had claimed a valuation of $612 million.
Similarly, New York alleged that Trump Park Avenue, a residential condominium tower on Manhattan’s Upper East Side, was worth $80 million, while Trump asserted it was around $91 million. Bloomberg’s analysis valued it at $86.4 million.
Bloomberg used Trump’s 2021 statement of financial condition, as well as filings with the Office of Government Ethics, to assess the value of Trump’s properties.
Trump has been on trial in New York as the state attorney general claims that he fraudulently inflated his asset values to obtain loans from banks. During his testimony in court, Trump asserted that he undervalued his wealth and suggested that banks did not give much importance to his statements when considering lending decisions, saying, “They just weren’t a very important element in banks’ decision-making process.”