Trump Org. may be forced to sell properties to retire debt as legal probes spook lenders: report – By Tom Boggioni (Raw Story) / Nov 16 2020
Donald Trump will walk into a financial morass when he leaves office and resumes control of his private business
This article originally appeared on Raw Story
According to a report from the Wall Street Journal, Donald Trump will be walking into a financial morass when he leaves office and resumes control of the Trump Organization that is deeply in debt and will likely see revenues decrease with the president no longer able to count on tax dollars flowing into his properties to pay for his entourage when he visits.
With the New York Times previously reporting that the president is facing over $400 million in debt coming due soon — some of it personally guaranteed by Trump — the Journal is reporting a cash crunch may force the family to sell off some properties to retire debt at a time when lenders will likely keep their distance with the Trump Organization facing investigations in New York.
“The Trump Organization might soon slim down. Several properties are for sale, including its Washington hotel and two skyscrapers in New York and San Francisco that are part-owned by the Trump Organization. The organization also has been considering selling its Seven Springs estate outside of New York City,” the report states, adding, “Any sales could help the family avert a lending crunch. The Trump Organization has more than $400 million of debt due in the next few years and many lenders have indicated they are wary of doing business with Mr. Trump.”
Reporting that “Republican spending at Trump properties has topped $23 million since 2015 compared with less than $200,000 in the five years prior, ” the Journal notes the president will be losing an income stream at a time when he will also lose $37,000 a month of rent payments as the Trump campaign shuts down their office in Trump Tower in New York.