Former President Donald Trump's fortune took a major hit while he was in office, according to new documents released by the House Oversight and Reform Committee.
The documents show—contrary to Trump's claims, the Trump International Hotel—located in the Old Post Office Building in downtown Washington, D.C., accumulated losses in excess of $70 million.
Financial statements reveal the Trump International Hotel incurred net losses of $17.7 million for the fiscal year ending in August 31, 2017; $13.5 million in 2018; $17.8 million in 2019; and $22.3 million in 2020.
Trump International Hotel in DC--despite all the big bar tabs from lobbyists/White House officials/foreign dignitaries, supporters of Trump and RUDY Giuliani, of course--lost an estimated $74 million between 2016 and 2020, according to data collected by House Oversight Committeepic.twitter.com/p6yq7gCP4A— Eric Lipton (@Eric Lipton) 1633702555
These losses proved so taxing for Trump he was forced to pull at least $24 million out of a holding company to aid the hotel.
He would later work out a favorable deal with Deutsche Bank allowing him to delay making payments on a $170 million loan he'd personally guaranteed.
However, federally mandated public financial disclosures from 2016 through 2020 tell a different story. In these, Trump claimed the hotel generated more than $150 million in revenue.
The House Oversight and Reform Committee's investigation also revealed Trump did not donate $4 million to the United States Treasury from foreign governments who had rented rooms at the hotel.
The donations Trump did make to the Treasury were inaccurately reported, only amounting to a fraction of the actual income the hotel generated.
The news did not surprise critics of the former President, who have long accused him of shoddy business practices and trying to profit off the presidency.
But much like his failed casinos, his lack of business acumen stopped him from making money on a sure thing.
Can Trump make money on anything? This entire house of cards is being held together by political donationshttps://twitter.com/ericliptonnyt/status/1446479471851327492\u00a0\u2026— shane felling (@shane felling) 1633771228
But wait, Donald said it was highly successful & profitable.. better check taxes.https://twitter.com/nytimes/status/1446656722349723656\u00a0\u2026— Thomas Kalinske (@Thomas Kalinske) 1633751225
Trump: My D.C. Hotel Made $150M. \n\nHouse Panel: It Lost\u2014Bigly.https://www.thedailybeast.com/trump-claimed-his-dc-hotel-made-dollar150-million-house-panel-says-it-lost-bigly\u00a0\u2026— Roshan Rinaldi (@Roshan Rinaldi) 1633785854
Remember, Trump bankrupted a casino \u2026. A casino for gods sake.https://twitter.com/NPR/status/1446558277408591888\u00a0\u2026— Highland Happenings (@Highland Happenings) 1633724205
A question only a forensic auditor could answer maybe but\u2026 real loss or the write-off loss that lets a millionaire pay $750 in federal taxes?https://twitter.com/NPR/status/1446558277408591888\u00a0\u2026— givemepie (@givemepie) 1633730013
Trump hasn't paid taxes in decades. I'm sure that hotel is doing just fine. Oversized consulting contracts and massively inflated supplies bought from other Trump companies are most likely what put this hotel "in the red". Follow the money.https://twitter.com/nytimes/status/1446656722349723656\u00a0\u2026— Giallo is the warmest color (@Giallo is the warmest color) 1633746799
This is why he fights so to keep his taxes under wraps. There is dirty money floating all over the place and he doesn\u2019t want the public to know it. His losses entitle him to tax breaks, but he lies to his bots and they believe he is the wizard. Lizard is more appropriate!https://twitter.com/jimsciutto/status/1446472491233390593\u00a0\u2026— Dave L (@Dave L) 1633847758
Why would Deutsche Bank bail out President Trump for his Trump International Hotel loan WHILE HE WAS PRESIDENT? Makes no sense. Trump never disclosed the deferment of the loan payment. Only CROOKS do this kind of stuff.— CoolLimaBean (@CoolLimaBean) 1633744094
Trump has long been accused of violating the Emoluments Clause of the Constitution, which bars U.S. officials, elected or appointed, from accepting gifts or payments from foreign entities without receiving Congressional approval.
For instance, a 2017 lawsuit filed by the attorneys general of Maryland and Washington, D.C. contended Trump was not only profiting from the Trump International Hotel but foreign leaders leveraged bookings and parties at the space to curry favor with him while he was in office.
The struggles of the Trump International Hotel are only the latest development in the story of Trump's financial troubles.
Last week, Forbesreported Trump is no longer on the Forbes list of America's richest people.
According to Forbes 400, Trump's fortune dropped to $2.5 billion, which is $400 million short of the cutoff needed to make the list.
Forbes observed Trump can only blame himself for falling off the list, noting his refusal to comply with requests from federal ethics officials to divest himself from his real estate assets ultimately cost him billions.
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