Donald Trump likes to downplay the amount of money he owes. “I’ve got very low debt on buildings, like this building,” he said earlier this year in the lobby of 40 Wall Street, a property that appears to be underwater because of its $118 million mortgage—just one liability in a portfolio with $1.8 billion of them.
Trump reworked his balance sheet after leaving the White House, paying off more than a half dozen loans. But three major court decisions collectively added an estimated $574 million of liabilities to his balance sheet. He holds roughly $410 million of cash and more than $9 billion of other assets—including almost $6 billion worth of shares in his (very volatile) social-media venture—which he could theoretically liquidate to pay off creditors.
Presented with a list of liabilities, Trump’s Chief Legal Officer Alan Garten pointed out that the former president is appealing the legal judgments—and took issue with Forbes’ numbers, noting that they include debt against buildings where Trump is a limited partner and therefore would not be personally liable in the event of a default. Garten also seemed to suggest, nonsensically, that money owed to members of Trump’s clubs should not be included in the tally because Trump will pay them back with future income.
Meanwhile, campaign spokesperson Steven Cheung touted Trump’s career successes and suggested that the former president owes fewer Washington insiders than other politicians: “Because of his love of America, he decided to run for the White House as an outsider not beholden to the establishment.” Whether or not that’s true, there’s no question that Trump owes money to plenty of creditors. Below, Forbes breaks it all down, explaining when the liabilities come due, how expensive the interest will be and who stands to collect the cash.
The largest liability on Trump’s balance sheet is also its biggest question mark. A judge ordered the former president to pay $454 million after the New York attorney........