Page 60 - Forbes Magazine-October 31, 2018

FORBES DONALD TRUMP

stake, positioning Trump to profit from his political stardom.
But not much has come of it. The Trumps signed deals to PLEASURE, NO BUSINESS
brand four hotels in Mississippi, but those agreements gen-
erated only $27,000 last year. They told reporters there were TRUMP HAS SPENT 156 DAYS AT HIS GOLF PROPERTIES SINCE
TAKING OFFICE, ACCORDING TO NBC NEWS. IF HIS GOAL IS TO
as many as 35 other deals in the works—none of them have BOOST BUSINESS, IT DOESN’T APPEAR TO BE WORKING.
panned out so far.
TRUMP INTERNATIONAL GOLF CLUB WEST PALM BEACH:
TRUMP’S BUSINESS HAS SOME BRIGHT SPOTS. A few blocks Presidential days at club: 42
from the White House, at the Trump International Hotel, Revenues vs. 2015: –6%
Trump fans hobnob with cable news stars and Cabinet sec-
TRUMP NATIONAL GOLF CLUB WASHINGTON, D.C.:
retaries. The place turned a $2 million profit in the first Days: 40
four months of 2017, far exceeding the Trump Organiza-
Revenues vs. 2015: –6%
tion’s expectations. A chunk of that money comes from vari-
ous GOP organizations, which have pumped more than $1.3 TRUMP NATIONAL GOLF CLUB BEDMINSTER:
million into the hotel since it opened in fall 2016, according Days: 69
to Federal Election Commission data. Despite what seems a
Revenues vs. 2015: –5%
violation of the Constitution’s emoluments clause, designed
to keep presidents free from foreign financial interest, the
governments of other nations are welcome too. Everyone
from Kuwaiti officials to the prime minister of Malaysia has with the “highest levels of government officials” to help com-
reportedly spent money there. And lobbyists working for panies expand into China.
Saudi Arabia disclosed that they ran up a $270,000 tab in Presidential provenance is also proving lucrative. After
just six months. Trump made Mar-a-Lago world famous, the club is said to
In terms of condo sales, Trump sold one in New York to have doubled its initiation fee to $200,000. Fallout from the
a woman named Angela Chen, just a month after he took of- president’s response to the deadly white-supremacist rally
fice. Chen paid $15.9 million, $1.8 million more than her in Charlottesville reportedly prompted roughly 20 organi-
downstairs neighbor shelled out for a similar apartment a zations to yank events from the club, likely costing Trump
year earlier. The deal sparked conflict-of-interest concerns over $1 million in revenue. Nevertheless, Forbes estimates,
because Chen is apparently the head of a business called Mar-a-Lago is now worth $160 million—$10 million more
Global Alliance Associates, which claims to use its network than it was before it became the winter White House.
The same goes for the
WHAT TRUMP REALLY OWNS
president’s penthouse in
Trump Tower. Although de-
clining prices in the build-
ing have likely hurt its
value, the 11,000-square-
foot apartment became a
10 % 1 historic landmark the mo-
ment Trump won the pres-
28 % 1 idency. Forbes figures the
election could have added
$10 million to any poten-
41 % 1 tial deal.
This phenomenon also
extends to the value of
Trump’s Boeing 757, which
became a backdrop for his
campaign rallies. Some plane
brokers think it could be
worth double the roughly
$20 million it would fetch if
anyone else owned it (Forbes
TRUMP TOWER, NYC TRUMP INTERNATIONAL TRUMP INTERNATIONAL estimates a more conserva-
Retail and office space, HOTEL & TOWER CHICAGO HOTEL, LAS VEGAS
Trump’s personal Vacant retail space, 122 hotel-condo units, 81st-floor 318 hotel-condos tive $6 million presidential
penthouse condo, 34th-floor condo, parking spaces premium). Eric Roth, who

1 FORBES ESTIMATE.
68 | FORBES OCTOBER 31, 2018