It comes as no surprise that Donald Trump inflated his Organization’s net worth a little... And by a little I actually mean A LOT!
When opening up his presidential campaign in 2015 Trump famously boasted...
"My massive net worth is in excess of $10 billion.”
Yeah, not so much.
According to a report by Crain’s New York Business reporter Aaron Elstein, Donald's assessment of the Organization's revenue figures are “flagrantly untrue,” and "inflated," to put it mildly.
As it turns out the Trump family business is worth less that one-tenth of the $10 billion plus he claimed in 2015 according to a thorough analysis of Trump's recent public filings which puts the company’s actual revenue that year at $700 million.
Elstein, who examined the numbers, said it could be argued that some of the discrepancy is due to a downturn in business but the rest is credited to...
"an overheated imagination,"
Elstein determined that Trump had been inflating his revenue since at least 2010 and after examining the latest figures Trump filed Crain’s dropped the Trump Organization from the No. 3 spot on its list of largest privately held New York City companies down to No. 40!
In an interview with NPR Elstein said...
“It was obviously very important to Donald to have his company on the top of the list ... but the numbers that he presented are just flagrantly untrue,” and that the figure of $10 billion in revenue looks “preposterous in light of federal filings made by the president in the past year."
The report added insult to injury saying that even though it is considered “halcyon days” for real estate developers Trump’s properties are doing quite poorly saying not only are the Trump Organization’s plans to develop a Scion hotel in Manhattan apparently dead in the water, but...
“prices are slumping for condos at Trump Tower and the Trump International Hotel and Tower,”
This claim is backed up by The Wall Street Journal's report that estimated that in 2015 the average price per square foot for condos at Trump Tower has fallen by 23 percent and at Trump’s International Hotel and Tower on Central Park, the average price per square foot is down 24 percent.
The kicker is that this is happening while prices at other midtown developments remained steady.
To top it off revenue is down on the Trump Golf Links at Ferry Point in the Bronx, falling by more than $1.1 million in the past two years according to Crain’s.
In a 2006 deposition when he sued author Timothy O’Brien, the author of "Trump Nation", Trump famously said that his net worth is a subjective “feeling,” and that...
“My net worth fluctuates, and it goes up and down with markets and with attitudes and with feelings, even my own feelings,”
I wonder if Trump is "feeling" a little down in the dumps as of late?