The $540 million (and counting) that Donald Trump owes as a result of the recent trials in New York is just one component of the former president’s cascading currency crisis.
Over the next five years, that is, until the end of the next presidential term, Trump will have about $780 million in loans, just a fraction of the more than $1 billion in debt on his properties. Trump has more time to figure out how to take care of those loans than he does the $83. 3 million he owes E. Jean Carroll, whose payments are due Saturday. But not much: Your first loan is due in July.
Here’s a look at how much the former long-term president owes, who he has to pay and when he has to pay it.
The first loan Trump has to repay is $12 million against Trump Plaza. Not to mention the shuttered (and then blown up) Trump Plaza Hotel and Casino or the Plaza Hotel that Trump sold in 1995 after dragging it into bankruptcy, Trump Plaza. is a cooperative building located on the Upper East Side of Manhattan. Trump’s company doesn’t own the building, but it has a lease on the advertising space, a parking lot and two brownstones.
The company that first helped make the loan to Trump in 2014 was Ladder Capital, which hired Jack Weisselberg, son of chief financial officer and leader of the Trump Organization, Allen Weisselberg, who was released from jail for tax fraud last April and just pleaded guilty. Guilt is for perjury. Ladder Capital no longer owns the debt, having temporarily split the original $15 million loan and sold it in bond form to investors.
Image by Alpeyrieullstein
When New York Attorney General Letitia James recently told ABC News that she was willing to seize Trump’s assets if he didn’t pay the full amount, she pointed the finger at that property. “I look at Number 40 Wall Street every day,” James reported. said of Trump’s construction in Lower Manhattan. It’s no surprise that James has seen the glamorous 63-story skyscraper built like a wedding cake, with a wide base giving way to narrower upper floors, all set under a copper crown and set in a prime location. . It was once the tallest building in the city and was situated one block from the New York Stock Exchange, and was owned by former Philippine dictator Ferdinand Marcos in the 1980s.
What many other people don’t realize is that, like Trump Plaza, the former president doesn’t own the building. Instead, he has a 64-year lease that is set to expire in 2059. Ladder Capital loaned Trump $160 million in 2015. , however, almost without delay he divided it up and sold it along with dozens of other houses to investors. So if Trump leaves, he’ll find himself fucking with an organization of anonymous Americans, which would possibly worry him less than having to shell out a huge sum of money. amount of cash to pay off your debts.
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This skyscraper overlooking Central Park is home to Jean-Georges, the Michelin-starred restaurant where Mitt Romney met Trump for a cabinet job he never got. Trump owns the advertisement and the parking lot. Ladder loaned the former president $7 million in 2016.
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Trump owns 30% of the three-building complex in San Francisco’s Currency District, while Vornado Realty Trust owns the rest. The assets now generate massive rents, but Trump didn’t need them at first and even sued his first Hong Kong business partners when he sold a partially developed allotment on Manhattan’s Upper West Side and used the proceeds to buy the building.
The tenants include Bank of America, Microsoft, and, at least as of 2020, the Qatar Investment Authority, meaning that during Trump’s presidency, the Trump Organization owned Qatar’s sovereign wealth fund, which didn’t really appear to be employing the space.
In May 2021, JPMorgan Chase helped Vornado and Trump secure a $1. 2 billion floating-rate loan, allowing them to withdraw more than $600 million from the building. But inflation was already rising. So Steven Roth, CEO of Vornado, his company, by executing a three-year swap, replaced the floating rate of his company’s $840 million loan portion with a constant rate of 2. 26%. However, Trump did not, leaving interest rates at his fluctuating percentage of $360 million. By May 2023, he was suffering with an estimated 5. 93% interest rate on the property, putting him on track to remit $21 million in annual interest rates, $13 million more than if he had followed Roth’s lead.
Anthony Behar/Sipa USA/Newscom
In a deal with 555 California’s, Trump owns a 30% minority stake in the Manhattan skyscraper a few blocks from Trump Tower, while Vornado owns the rest. As with 555 California, Trump went to court in 2005 in an attempt to save his then-Partners, a Hong Kong investor organization, from buying the property. Vornado, which bought the Hong Kong-based organization in 2007, tried to sell any of the buildings in 2020 but failed to locate a client willing to pay the $5 billion asking price. the Wall Street Journal reported.
Tenants of the offices and retail spaces come from Columbia University, Hachette Book Group, and streaming service FuboTV. Starting April 1, 4 floors over 230,000 square feet will be unoccupied, according to Vornado’s website.
John Minchillo/AP
Trump bought this property in Westchester County, New York, for $7. 5 million in 1996, hoping to turn it into a golf course or subdivisions. When local opposition and environmental considerations prevented the plans from moving forward, he promised in 2015 to keep 159 of his 213 acres in exchange for a $21 million tax break, The Washington Post reported.
Eric Trump, who spent his summers there as a child, was questioned in his father’s recent civil fraud trial over Seven Springs, one of the family’s most bloated properties. Eric had had seven of his undeveloped mansions valued at $161 million, while a professional appraiser valued them at $14 million.
Erik McGregor/LightRocket
In February 2022, Trump refinanced his flagship assets by borrowing $100 million from Axos Bank, formerly Bank of Internet USA, to repay a $100 million loan from Ladder Capital that was due in September. “Trump Tower is one of the most iconic homes in the world. ” “We have incredibly low debt, abundant liquidity, and an incredibly successful business. We didn’t have any problems with refinancing.
Axos CEO Gregory Garrabrants has contributed $9,600 to Trump’s campaigns since 2012, according to documents filed with the Federal Election Commission.
Trump also owns the penthouse of Trump Tower, but it’s a separate entity, worth an estimated $52 million and debt-free.
David/Getty Canyon
Trump also refinanced his Miami hotel in 2022, just before a loan of about $125 million from Deutsche Bank matured the following year. The station’s profits fell under Trump’s presidency, even before the Covid pandemic. It appears to have recovered since then, according to a monetary data investigation it filed with the government. Trump National Doral will host LIV Golf, the Saudi-backed tour, for a three-day tournament in April.
Trump will turn 102 when his loan on these residential assets matures, so he’s probably not too worried about that. What’s more, the values have skyrocketed since Trump paid his sister $18. 5 million for the assets in 2018. They’re still not as high as Trump would have liked. In 2022, he put the space up for sale but pulled it from the market when he couldn’t find a customer willing to pay the $59 million asking price.
Additional reporting via Dan Alexander.