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Trump will hand over companies to his sons – Eric and Donald Jr

admin 3 years ago
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Donald Trump will not divest from his business empire and will instead hand over control of his companies to his sons — Eric and Donald Jr.

–along with his longtime Chief Financial Officer Allen Weisselberg, Trump and his lawyer announced in a press conference at Trump Tower on Wednesday morning.

“They’re going to be running it in a very professional manner,” Trump said. “They’re not going to discuss it with me.”

Forbes estimates Trump to be worth $3.7 billion. More than half of his fortune — nearly $2 billion — is tied up in New York City real estate, including signature properties Trump Tower and 40 Wall Street.

Trump also co-owns an office building, 1290 Avenue of the Americas, with publicly-traded Vornado Realty Trust (Trump has 30%) and holds a 4% interest in Spring Creek Towers, a 46-tower government-subsidized housing complex in Brooklyn.

Trump has an additional $1.2 billion worth of real estate and golf courses spread across the rest of the country.

His Florida holdings include the private Mar-a-Lago club in Palm Beach and the Trump National Doral resort in Miami.

In California he owns the former Bank of America tower at 555 California Street (again alongside Vornado) and in Nevada he and fellow billionaire Phil Ruffin each own half of the gold-windowed Trump Las Vegas hotel.

Trump’s personal property includes homes in Manhattan, Beverly Hills and Palm Beach, plus $35 million worth of planes and helicopters.

Trump also has $230 million in cash and liquid assets, including a stock portfolio that he claims to have sold off last June (though he has yet to provide proof).

 

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Trump’s international dealings, which stretch from Toronto to Istanbul and the Philippines, have attracted similar scrutiny. But few of the projects bearing the Trump name outside of the U.S. are actually owned by the president-elect: Three golf courses — Aberdeen and Turnberry in Scotland, and Doonbeg in Ireland — are his only international properties.

The rest of Trump’s non-U.S. interests are part of either his hotel management and licensing business (which oversees the operation of hotels that are not owned by Trump and licenses the Trump brand to other companies) or his product licensing operation (which strikes deals to put Trump’s name on things like ties, coffee and bottled water). In all, his two licensing businesses are worth $137 million — less than 4% of his net worth.

This is a breaking story and will be continually updated — check back for more information.

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