Donald Trump (75) One of the richest men in the world, therefore, may consider his sons to follow in his footsteps. However, an investigation Magazine Forbes This ensures that the heirs of one of America’s largest empires today can only acquire bankrupt business.
The former president’s economy kept him on the planet’s rich list for 25 years, but that changed in 2021: His fortune was reduced to $ 2.5 billion after the epidemic It put about 400 million places below the last name in the rankings. However, this is a very high number compared to the same business All three children of Ivanka Trump, Donald Trump Jr. and Eric Trump, Ivana Trump are alive.
As announced by the business press, The heirs are not currently interested in their father’s major assets in that country and in the world, except for one: Trump International Hotel. Five-star company with 263 rooms near the White House Washington DC, Reflected in its financial statements a Obesity loss In recent years.
Ivanka, her father’s right-hand man, identified this growth as an investment opportunity. The family entered into an agreement with the federal government in 2013 to build the building Spend $ 200 million to set it up. However, things did not go as the Chancellor’s children had hoped.
According to Forbes, They demanded Deutsche Bank loan of $ 170 million Start the redesign of the hotel. Four years later, in August 2017, “the Trump organization’s financial statements listed $ 193 million for building improvements, $ 18 million for furniture and equipment, $ 5 million for functional materials and $ 100,000 for tenant improvements. . In total, $ 216 million.
While this turned out to be a promising bet, both Eric and Donald Jr. made their efforts – first overseeing the operation and secondly renting out the seats to attract more customers – but the results did not meet expectations. By August 2018, Revenue was just $ 900,000, net losses estimated at $ 13 million.
This is how the company that owns the magnet appeared on the scene. Pay the capital In a plan to reduce bankruptcy. “The hotel had to invest $ 4 million. After 12 months, the small operating profit turned into a $ 2 million loss $ 18 million in blood on a business net basis. Therefore, the company owned by Donald Trump had to pay another $ 9 million, ”they assert Forbes.
Things did not end there. With disorder of International spread of corona virusThe net loss reached $ 22 million and Trump’s business team had to contribute another $ 11 million. In total, The hotel reflected a $ 240 million investment, Taking into account the funds they received from the German bank and the many injections of the former President’s companies of the United States.
Business for sale
This week, The Wall Street Journal He announced it Trump’s sons are in talks with the CGI Merchant Group to sell the property It was the old post office, today converted into a $ 370 million luxury hotel. It may not be a bad move for the family after a high investment, but nothing has been said: buyers are in a tug-of-war and are closely analyzing a business that is considered “profitable”.
However, experts advised Forbes Until then “Last month, the property was valued at $ 173 million”. “It simply came to our notice then that Trump was not repaying his debt Its capital is only $ 3 million, $ 67 million less than the family had invested before August 2020, the magazine consolidates.
In addition, the publication makes it clear that they are the children of the former US president Their father owns only 77.5% of the 7.5% stake.So, if the hotel is sold, the main user is the millionaire: Their descendants, in the worst case scenario, will receive more than $ 200,000And, at best – if the operation with the CGI Merchant Group is completed and the loans are written off – about 15 million.
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