Donald Trump earned hundreds of millions in past year, financial forms show

Donald Trump earned hundreds of millions in past year, financial forms show

Donald Trump earned hundreds of millions in past year, financial forms show

In Friday's financial disclosure report, which reflects business during the 2016 calendar year, the Trump Old Post Office LLC cited hotel-related revenue in reporting income of $19.6 million.

The 98-page document posted on the ethics office's website late on Friday showed liabilities for Mr Trump of at least US$130 million to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank.

In the filing, Trump reported at least $6,255,600 in other assets and income, which includes real estate and growth funds for Barron, checking and savings accounts, stocks, and more.

Before taking office in January, Mr Trump was a NY real estate developer and television celebrity. The report also showed that Mr Trump earned more on royalties for his book Art of the Deal since becoming President.

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On paper, at least, the billionaire president's finances don't appear to have been upended by the time-consuming campaign and transition to power.

Revenue from Trump Corporation, his real-estate management company, almost tripled, to $18m, and revenue from Mar-a-Lago grew by 25 percent, to $37.25m.

The highest part of Donald Trump's revenue was $115.9 million recorded as golf-resort associated income from the Trump National Doral located in Miami.

The disclosure has added importance because Trump has broken with presidential tradition by refusing to release his tax returns, which would provide a more complete breakdown of his finances. So far, Trump has released three personal financial disclosure statements which collectively cover January 1st, 2014 to April 25th, 2017. However, Bloomberg reports that the report indicates the hotel's loss of $1.2 million in the first two months of operation before he was President.

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Instead, on January 17, three days before his inauguration, Trump transferred his far-flung holdings to a revocable trust managed by his adult sons, Donald Jr. and Eric, and Allen Weisselberg, chief financial officer of the Trump Organization.

Trump reported $37.2 million in income in the past year from Mar-a-Lago, the private Florida resort where the President hosted his Chinese counterpart Xi Jinping. It is worth between $5 million and $25 million and produced more than $100,001 in income, the report shows.

Overall, Trump reported liabilities of at least $311 million - mortgages and loans. Trump has also vowed to donate profits at his hotels from foreign governments and officials, but his company has found that to be more difficult in practice because it is hard to identify foreign government officials who conduct business there. Among his new acquisitions since taking office are various luxury hotels recently opened in Kolkata, Vancouver, and Washington, D.C. He has not, as of yet, released his tax returns.

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