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.
Related: More horrendous news for Trump’s failing D.C. hotel
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.
How about we take this to the next level?
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CNN reports:
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 $170 million loan, which he was supposed to start paying in 2018. But the terms were revised that year to allow the Trump Hotel to defer payments by another six years because, well, it’s not clear why. Neither the Trump Organization or Deutsche Bank are commenting on the matter.
Since the report was released this morning, #TrumpIsBroke has become the #1 topic trending on Twitter in the United States. Here’s what people are saying…
We’re seeing more and more evidence that #TrumpIsBroke and that he’s planning to monetize his 2024 campaign for his own personal gain. pic.twitter.com/dgQziKe7s0
— The Lincoln Project (@ProjectLincoln) October 8, 2021
F$&k!!! Time to move #TrumpIsBroke pic.twitter.com/QIPD3aHn3V
— 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
Trump is broke. Happy Friday! #TrumpIsBroke
— Mayo (@MayoIsSpicyy) October 8, 2021
With Trump, illusion is the only reality.#TrumpIsBroke pic.twitter.com/Q9YdDBU5de
— 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.
Related: Mike Pence to headline anti-gay group gala at Trump Hotel
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.
white-queer-african
KARMA? She is a FABULOUS B*TCH!!!
Jim
We now know several entities poured in millions of dollars into the hotel to curry favor. Now without that it’s Kaboom.
JRamonMc
He couldn’t even make the Forbes top 400 this year. Scaping the bottom Donald.
GloryWhole
I won’t be surprised if there are two sets of books for that property just like others. For four years that hotel was busy with foreign governments paying enormous amounts to stay there to please “The Don”. Dig deep enough and they’ll find the truth.
rodzilla
The wheels of justice sure grind slow.
Joshooeerr
This is the Trump story in microcosm. A spectacularly bad businessman; every venture he touches – even surefire moneymakers like casinos and grand hotels in prime locations – turns into another financial disaster, which he then makes worse by borrowing ridiculous amounts to try and bail himself out. All of which has been known for decades and detailed in various articles and books about him. Yet this is the guy half of America still thinks is some kind of genius who will save them.
v6origal97
This is literally how wealthy people stay wealthy: write offs, unpaid loans, and transferred cash. He’s disgusting, and he’s literally a case study on what to reform.
Invader7
Trump translation = whatever Mr. SMALL Mushroom Dick says the OPPOSITE is the truth. Everything he touches turns to CRAP. He’ s a pathological LIAR. And possibly the rare combination of sociopath AND psychopath !!! Plus he’s a Neo-NAZI FASCIST in a CHEAP , polyester suit…
Invader7
And the LOSER RUINED his own brand and made himself LESS wealthy than he thinks he is. He’s a deluded ,mentally deranged nut bag… Where is Covid when we need it ?
LumpyPillows
Duetsche Bank is tied to Putin. Don’t let the German name fool you.
Cam
Another possibility.
The Hotel was laundering money, and the phony “Profit” was used to secure more loans, while the “Loss” will be written off against taxes.
Either way things don’t look good, Marriott or Hilton might be able to pick up the hotel’s lease for a bargain price during the bankruptcy liquidation.