Every day we wake up feeling more and more grateful that we’re not Donald J. Trump. And today is no exception.
According to newly released documents from the the House Oversight Committee, Trump’s failing DC hotel is failing even harder than we initially thought, which is kinda crazy since we already knew is was failing pretty badly.
The hotel racked up for than $70 million in losses over a four-year period, despite Trump publicly claiming it was making millions and millions and millions of dollars.
Trump’s income from the Trump International Hotel reported in public financial disclosures dating from 2016 to 2020 totaled more than $156 million, the committee said Friday.
But in that four-year period, Trump’s DC hotel actually suffered a net loss of more than $70 million while he was president and had to be loaned more than $27 million from one of Trump’s holding companies, DJT Holdings LLC, from 2017 to 2020, according to hotel financial statements the committee obtained.
Of the $27 million Trump had to borrow, more than $24 million of it was never actually repaid and was instead converted to capital contributions.
On top of that, the committee found the ex-president received “undisclosed preferential treatment” from Deutsche Bank on a $170 million loan, which he was supposed to start paying in 2018. But the terms were revised that year to allow the Trump Hotel to defer payments by another six years because, well, it’s not clear why. Neither the Trump Organization or Deutsche Bank are commenting on the matter.
Since the report was released this morning, #TrumpIsBroke has become the #1 topic trending on Twitter in the United States. Here’s what people are saying…
— The Lincoln Project (@ProjectLincoln) October 8, 2021
— Ray Zitto (@RayZitto) October 8, 2021
The original Big Lie was that Trump is a successful businessman. No, he just played one on tv. #TrumpIsBroke
— Tristan Snell (@TristanSnell) October 8, 2021
Turns out Donald Trump has been going broke all along, and Russian money laundering outfit Deutsche Bank continued to keep him afloat during his presidency. None of this is a surprise if you’ve been paying attention. #TrumpIsBroke
— Palmer Report (@PalmerReport) October 8, 2021
— Eric Wolfson (@EricWolfson) October 8, 2021
This lasted bout of bad news comes just days after Trump was kicked off Forbes‘ list of the 400 richest people in America, a coveted group he’s belonged to for more than two decades.
It also comes on the heels of yet another report that the 263-room property, which has been up for sale since 2019, has virtually no guests interested in staying there and no buyers interested in purchasing it, despite a $100 million price decrease earlier this year.
Graham Gremore is the Features Editor and a Staff Writer at Queerty. Follow him on Twitter @grahamgremore.