Mar- a- Lago’s revenue soars
Businesses pouring millions into Trump’s trust
President Trump resigned WASHINGTON his positions in more than 500 far- flung business entities when he captured the White House, but those enterprises still are plowing millions of dollars into a trust he established when he took office, according to a financial disclosure report released Friday.
Income at Mar- a- Lago, the Florida resort that Trump has dubbed the “Winter White House,” has surged to $ 37.3 million, up from $ 29.8 million that the Republican reported in revenue before he assumed the presidency. Trump has hosted foreign leaders at the Palm Beach resort, which doubled its initiation fee to $ 200,000 after Trump’s election.
The report covers the period from January 2016 through this spring.
The Trump International Hotel in Washington, D. C., which opened during the 2016 presidential campaign, has taken in $ 19.7 million in revenue. That hotel has been at the center of lawsuits alleging violations of the Emoluments Clause of the Constitution. The provision bars federal officials from accepting foreign payments and gifts without congressional approval.
Trump also reported big revenue from book royalties, including taking in between $ 1 million and $ 5 million for Crippled America, published the year he launched his presidential bid.
But revenue fell sharply elsewhere. For instance, the Miss Universe pageant, which Trump sold in 2015, yielded nearly $ 11 million in revenue, down from $ 49.3 million on his previous disclosure.
The 98- page document, Trump’s first financial disclosure since entering the White House, does not offer a precise picture of Trump’s net worth because it reports assets and liabilities in broad ranges only. For instance, the president reported four loans that exceed $ 50 million each, including one from Deutsche Bank related to the Washington hotel.
In a statement, White House officials note that Trump did not have to file a report until 2018 but “welcomed the opportunity to voluntarily” do so. Trump, however, has not released his tax returns.
Trump’s adult sons are managing his companies, but he still can benefit financially from the trust in which he has placed his business interests.