REVEALED: Trump only had $93 million in the bank in his last year of presidency, filing by NY AG James shows (despite telling Forbes he had $793 million in 2015!)
- Trump's cash holdings were listed as $114 million in 2016 when he was running for president
- They were down to a listed $76 million in 2018, rising to $87 million in 2019 and reaching $93 million in 2020, his last year in office
- NY AG Letitia James filed court papers last week seeking to compel testimony by Trump and family members
- Her office has evidence that the 'Trump Organization used fraudulent or misleading asset valuations to obtain a host of economic benefits,' she said
- He told Forbes Magazine in 2015 he had $793 million in the bank
- His campaign said he had $302 million in the bank as of 2014
Former President Donald Trump had $93 million in the bank during the last year of his presidency – a hefty sum that is dramatically lower than some of the amounts he has claimed to have amassed over the years.
The new valuations, compiled by Forbes magazine, are drawn from Trump financial statements released last week by New York Attorney General Letitia James, whose office is pursuing a complex civil probe of the Trump organization.
Trump's cash holdings are only a fraction of his empire – which relies on real estate, golf courses, and brand assets that are difficult to quantify.
Nevertheless, they appeared to drop well below what Trump had maintained they were – including during his longstanding efforts to try to persuade to place him high on its billionaire's list – according to his statements released by the AG's office.
Former President Donald Trump's bank account was worth $93 million in 2020, his last year in office, according to his filings released by the office of New York AG Letitia James
Trump's cash holdings were listed as $114 million in 2016 when he was running for president. They were down to a listed $76 million in 2018, rising to $87 million in 2019 and reaching $93 million in 2020, his last year in office.
That year came when the Trump organization was seeking to unload a luxury hotel property in Washington, D.C., where business tanked amid the coronavirus pandemic.
But in 2015, when Trump was launching his bid for president, his campaign released a financial statement showing cash and securities worth $302 million as of June 2014, when he said his net worth was nearly $9 billion.
Trump's cash balances are revealed in financial statements released by the office of New York Attorney General Letitia James
Trump's DC hotel posted losses for years, and the company inked a contract to sell it
Trump's golf properties have suffered a drop in revenue amid the pandemic
Trump claimed, for tax and finance purposes, that his penthouse in Trump Tower was 30,000 square feet, when in fact it was 11,000 square feet, according to James' office
The AG's office says the Trump Organization misstated the value of Trump's Trump Tower penthouse. Trump met with Forbes in his office, also located in the building, about his total worth
That number dropped to a range of between $78 million and $232 million when Trump was required to file a signed financial statement with the federal government.
Forbes describes a two-hour meeting with Trump in 2015 to discuss his financials inside his Trump Tower penthouse – which itself is the subject of information provided by James. Her office says Trump claimed his Manhattan penthouse was 30,000 square feet in Statements of Financial Condition provided to lenders, when in fact it was only 11,000.
'As of today, I'm at $793 million,' he told the publication, citing a figure that would more than double his holdings from the prior year. Why? 'Because I sell stuff,' he said, pointing to the sale of the Miss Universe pageant for nearly $30 million.
'Here’s your cash number here—or market value: 793,” he said, holding up his proof: a blank piece of printer paper with the number 793 scrawled in thick, black Sharpie. We held steady at about $300 million,' according to the magazine.
The New York state AG last week filed court papers seeking to compel testimony by Trump and children Ivanka Trump and Donald Trump Jr. in her investigation.
Her office said it 'has collected significant additional evidence indicating that the Trump Organization used fraudulent or misleading asset valuations to obtain a host of economic benefits, including loans, insurance coverage, and tax deductions.'
The Trump Organization has denied wrongdoing, and Trump has called the probe a witch hunt by the Democratic prosecutor's office.