The bulk of Trump's financial fortune is tied to a half-dozen buildings in Manhattan вЂ” and New York City is particularly affected by the coronavirus.
Donald Trump got rid of criminal cases of sedition, but his problems did not end there. The former president is still accused of tax fraud, and the ongoing crisis is hitting his business empire.
So what does the future hold for Trump?
Finances are a mess?
The former president's actual wealth is estimated at $2.5 billion. According to Forbes, Trump ranks 339th among the wealthiest Americans. In comparison with last year, Trump fell in this rating by 64 lines.
The bulk of his financial wealth is tied to half a dozen buildings in Manhattan вЂ” and New York City is particularly affected by the crisis. Shortly after the city became the epicenter of the pandemic in the United States, the economic downturn began. In New York, an unprecedented number of apartments and buildings are still empty, and the cost of rent has fallen by an average of 19%, which causes problems for Trump.
Real estate in Washington and Chicago is also a problem. According to Forbes, in just one year, one of its golf resorts in Miami lost 80% of its price.
But the situation of Trump may even worsen, the American media predict. After the storming of the US Capitol, the New York City administration announced that it would end business relations with Trump. Also, the companies that rented premises in their real estate properties are now trying to terminate the contract.
In addition, Trump faces several lawsuits, since he is no longer the current president and is not protected from legal prosecution. On the heels of Trump are several prosecutors trying to prove his tax fraud.
For years, there have been accusations that Trump used tax tricks, overestimating his assets to get profitable loans, and downplaying his property to pay fewer taxes. If he is charged, Trump will have to defend himself long and expensive.
But it is not the first time that Trump has dealt with crises. In 1988, he also unsuccessfully tried to create a luxury airline and even already purchased a fleet of Boeing aircraft for it at a cost of $365 million. However, the project was a failure. In one of his industries, Trump Hotels & Casino Resorts, Trump had to declare bankruptcy twice.
The former president is not afraid of failures and is optimistic about the future despite the difficulties of his post-presidency.
As he once said in an interview with Playboy magazine, вЂњ Some people don't have a vocation to be rich. It's a talent. Some have a talent for playing the piano. Some are talented at playing golf. And I just have a talent for making money.вЂќ