It wasn’t long ago that the company bearing Donald Trump’s name was battered and bruised.
The Trump Organisation was looking battered just last year. Its businesses had already been convicted of criminal fraud. It was hit with a civil judgment of more than $US450 million . Its longtime chief financial officer had been incarcerated ., his family real estate company is set for a revival that echoes his political comeback.
His first billions, though, tie back to the Trump Organisation. In January 2017, his estimated net worth was $US3 billion. By January 2021 that figure slipped to $US2.5 billion, as the pandemic upended the property values underpinning his wealth. Trump’s eponymous organisation will always be at the centre of the president-elect’s personal myth-making.Donald Trump Jr., while still an executive vice president at the family business, has joined Omeed Malik’s “anti woke” 1789 Capital, was named to the board of PSQ Holdings Inc., which runs a marketplace for “patriotic” businesses, and was tapped to advise prediction market Kalshi.
The man now largely left in charge of navigating the firm is Eric Trump. He said one of the most significant changes he made at the company was in tackling its debts. In 2021, Vornado refinanced 1290 Avenue of the Americas and 555 California, generating a cash windfall for the Trump Organisation through their 30 per cent stake in the properties. The following year Trump’s sale of the Old Post Office hotel in Washington wiped out $US170 million of debt and brought in more cash.
“There’s never been a time in the Trump Organisation’s history where we’ve had a stronger, better or more successful company,” Eric Trump said.Compared with eight years ago, the Trump Organisation has become more dependent on its golf and resort properties, spread across New Jersey, Florida, Ireland, the UK and elsewhere.
The company partnered with Dar Global, the international real estate arm of a Saudi property developer, on a project for a luxury villa community and 18-hole golf course, to be completed in 2028. Trump reported earning $US2.5 million from the Oman project on his 2023 disclosure.Other licensing deals, including newer properties in India, have yet to appear in the president-elect’s financial disclosures.
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