Trump's wealth has fallen so fast banks are concerned he can’t pay loans: biographer
One of former President Donald Trump's golf courses is under investigation for allegedly inflating and deflating the appraisals of the property. Biographer Michael D'Antonio addressed the new lawsuit on CNN Thursday, and explained how drawing attention to himself as a successful businessman has ultimately led Trump into a financial free fall.
"You might remember that Michael Cohen said that Donald Trump originally ran for president as a publicity stunt," recalled D'Antonio. "That he thought that this would benefit his companies, but he never imagined winning. So, he wins, and he finds himself in office, and during that period of time from 2016 to 2020, his fortunes decline precipitously."
He explained that since leaving office, Forbes went from trusting that Trump was worth anywhere from $10 to $12 billion to being worth possibly $2.5 billion. It meant he fell off of the list of the richest Americans.
"So, this is a man who always said that he measured himself in dollars and cents and that his self-worth was really all tied up in how rich he was," said D'Antonio. "He's now facing in Westchester County another assault on his claims to his wealth. In that case, he's -- when he likes having a lot of money, he says the golf course is worth $50 million. When he doesn't want to pay his taxes, he says it is worth $1.4 million. Wouldn't it be nice if we could all inflate our assets when we want to claim to be very rich and deflate them when it comes to paying our taxes?"
But then D'Antonio claimed that Trump will likely have serious problems with banks in the future.
"His properties have actually been on a watch list among lenders who are concerned that the revenues have fallen so fast that he won't be able to make payments on the loans he's taken out," D'Antonio said. "And earlier this year, his partner in the two most effective developments he's ever made are saying they're considering getting out of this partnership. So, that would drain him of the remaining cash flow that is keeping him afloat. So, the presidency has been very bad for Donald Trump's businesses in the same way that it has been pretty bad for the rest of the world."
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