Skip to content
Search AI Powered

Latest Stories

Trump Mocked After Records Show His D.C. Hotel Lost More Than $70 Million While He Was In Office

Trump Mocked After Records Show His D.C. Hotel Lost More Than $70 Million While He Was In Office
MSNBC/YouTube

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.


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.




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.

More from People/donald-trump

Person offering small flower
Lina Trochez/Unsplash

People Break Down Small Gestures Of Love That Left A Big Impact On Them

Memories are fascinating.

Looking at vintage photographs, admiring keepsakes acquired from an exciting trip, or occasionally glancing at awards from triumphant moments are all treasured moments.

Keep ReadingShow less
Jennifer Garner
@jennifergarner/TikTok; @sonypictures/YouTube1

Jennifer Garner Channels '13 Going On 30' Character For Halloween On Film's 20th Anniversary

Jennifer Garner celebrated Halloween with a nod to her iconic 2004 movie 13 Going on 30, recreating one of its famous scenes.

In a playful video shared on Instagram and TikTok on October 30, the actress, now 52, revisited the getting-ready scene from the movie, set to Whitney Houston's “I Wanna Dance with Somebody.” Garner applied makeup and retinol cream, squinting through glasses as she tackled her eyeliner, just as her character Jenna Rink would.

Keep ReadingShow less
Janelle Monáe; E.T.
Gilbert Flores/Variety via Getty Images; Sunset Boulevard/Corbis via Getty Images

Janelle Monáe Creeps Out The Internet With Bizarrely Realistic E.T. Halloween Costume

Janelle Monáe blew the internet's mind with her Halloween costume this year.

The Glass Onion actress completely transformed into everyone's favorite extraterrestrial, E.T., to celebrate the holiday and debuted her look on The Jennifer Hudson Show.

Keep ReadingShow less
Shawn Mendes from Interview Magazine's TiKTok
@interviewmag/TikTok

Video Of Shawn Mendes Showing Off Pictures On His Phone Has The Internet Hot And Bothered

Music heartthrob Shawn Mendes has no qualms about sharing screenshots saved on his smartphone with fans.

In a TikTok clip from Interview Magazine, the 26-year-old "There's Nothing Holdin' Me Back" singer gave admirers a glimpse into what's piquing his interest these days.

Keep ReadingShow less
Barack Obama; Malia Obama
Debra L Rothenberg/WireImage; Foc Kan/WireImage

Barack Obama Reacts To Malia Dropping Her Famous Last Name For First Film Credit

Malia Obama has long been known for being the former president's daughter. But now that she has a professional life of her own, she'd like to be known as something else: Malia Ann.

Barack and Michelle Obama's eldest daughter has dropped her surname in her professional work as a budding filmmaker, going just by her first and middle name in order to separate herself from her parents' legacy.

Keep ReadingShow less