Trump releases his 2019 financial disclosure

WASHINGTON (BLOOMBERG) – President Donald Trump’s 2019 financial disclosure shows revenue declined slightly at some of his iconic resorts even before the coronavirus slammed hospitality businesses.

Revenue at his Florida golf resort Mar-a-Lago dipped to US$21.4 million (S$29.4 million) from US$22.7 million a year earlier, according to documents released on Friday (July 31). At his hotel at the Old Post Office near the White House, revenue was US$40.5 million, down from US$40.8 million.

The 78-page report provides a partial view of US President Donald Trump's assets and debts.
The 78-page report provides a partial view of US President Donald Trump’s assets and debts.PHOTO: EPA-EFE

The 78-page report, which Trump filed after getting an extension on its due date, provides a partial view of the president’s assets and debts, including revenue from his golf properties, bank accounts and investment transactions.

The disclosure covers a period of time before the coronavirus pandemic prompted his properties to shut down or lose business.

Another major Trump property, Trump’s Doral golf course in Florida, fared better, with revenue rising to US$77.2 million from US$76 million. Trump backed away from a plan to host the 2020 Group of Seven meeting at the resort after facing heavy criticism for the plan.

Trump also reported at the request of the Office of Government Ethics that his personal lawyer Rudy Giuliani provided free counsel in 2018 and 2019, a time when he was facing the investigation by Special Counsel Robert Mueller.

“Mr Giuliani is not able to estimate the value of that pro bono publico counsel; therefore, the value is unascertainable,” the report said.

Trump’s report contends Giuliani’s legal help, however, is not a reportable gift, and Trump reported no other gifts.

Trump also reported US$13.5 million from the sale of a mansion in Beverly Hills, California. The Washington Post reported last year the house was sold to a firm linked to an Indonesian billionaire for nearly double what Trump paid for it.

Trump’s disclosure forms mostly reflect the revenue from properties and royalties he receives on real estate around the world.

But he also has other sources of income, including more than US$100,000 a year in royalties from the book “The Art of the Deal.” He also has a pension from the Screen Actors Guild that paid him nearly US$78,000 last year and another from the American Federation of Television and Radio Artists that paid him more than US$8,700.

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