Politics

Trump reports making at least $434 million in 2018

Annual financial disclosure released

(CNN) - President Donald Trump reported income of at least $434 million in 2018, according to his annual financial disclosure released Thursday by the White House.

That includes $40.8 million in revenue from his Trump International Hotel in Washington, DC, just blocks from the White House.

Trump reported that his Mar-a-Lago resort in Florida generated $22.7 million, a slight drop from the $25.1 million he disclosed for 2017.

Overall, Trump's income appears to have gone down from last year, when he reported making at least $450 million.

Trump reported holding outstanding debt of at least $315 million. The disclosure forms allow filers to report ranges, and five of Trump's loans are reported at "over $50 million" making the actual debt total impossible to calculate.

Financial disclosure documents do not reveal as much about finances as a tax return, which includes granular details about income and asset valuations, along with other information.

Since taking office, Trump has broken presidential precedent by maintaining his interest in the Trump Organization, which is run on a day-to-day basis by his adult sons Don Jr. and Eric.

He's also the first president in decades not to release his personal tax returns, though he has submitted his required financial statements each year to the Office of Government Ethics.

The fresh disclosures come as the Trump administration faces a Friday deadline to respond to a subpoena from House Democrats for six years of tax records.

Treasury Secretary Steven Mnuchin indicated on Wednesday that he was likely to resist the order, telling reporters: "I think you can pretty much guess how we're going to, but we haven't made a decision."

Trump has made his wealth and deal-making prowess core elements of his political appeal, but has faced almost constant questions about his actual net worth since announcing his candidacy almost four years ago. The New York Times reported earlier this month that Trump lost more than $1 billion over a decade in the 1980s and early 1990s.

In a statement, Eric Trump said: "Our company had an exceptional 2018. Our iconic hotels, golf courses, commercial buildings, residential projects and other assets are the best in the world and unrivaled by anyone."

The form is limited in terms of what is disclosed. Although the document lists income, for instance, it does not reveal business expenses or other details that would give a more complete picture of his net worth. But the disclosure still provides fresh details about the President's finances, including:

1. The President's Washington, DC, hotel is a moneymaker

The Trump National Doral golf course in Florida is Trump's biggest single income source, generating a reported $75.9 million in 2018, but the Trump International outranks not just Mar-a-Lago but other prized properties like Trump's Turnberry golf course in Scotland. The President has reported making more than $80 million from the property since taking office.

The hotel, which opened in a leased federal building in 2016, has become a favorite gathering place for Trump and his supporters. But it's also drawn lawsuits, including from Maryland and the District of Columbia, which claim Trump is in violation of a constitutional ban on accepting gifts from foreign and domestic governments.

2. This year's biggest loser was Trump's hotel management business

Reported income from Trump International Hotels Management fell the most -- from $17.1 million in 2017 to just $1.5 million in 2018, according to disclosures. But other parts of his empire were less flush, too, including the Wollman Rink in Central Park -- which dropped from $9.2 million to $8.5 million.

3. Trump keeps most of his money at Capital One

The President reported holding as much as $50 million in a Capital One checking and savings account, generating as much as $1 million in interest. He also reported holding as much as $250,000 in gold.

4. Melania Trump has essentially no income now

In the President's previous financial disclosure, Melania Trump reported making a six-figure income in royalties from photograph licensing to Getty Images. This year, that income was listed as less than $201. She has no other sources of income reported at more than $201.

5. Trump is still unwinding some deals

The President's company sold off land in the Dominican Republic in January 2018 for $3.2 million. Trump also sold his interest, which he inherited, in Starrett City Associates LLC., the company associated with a federally subsidized housing complex in Brooklyn that is the largest in the country.

6. Trump is still taking his Screen Actors Guild pension

Trump reported taking home more than $90,000 from a SAG pension -- up from $64,840 in 2017.

He also reported taking $8,724 from a separate American Federation of Television and Radio Artists pension, up from $6,543.

7. Trump restaurants generated more money

The President reported that Trump Restaurants, LLC made some $4.3 million, according to the latest financial disclosure -- up nearly half a million dollars from the year prior.

Correction: This story has been updated to correct Trump's reported income total, and to reflect that it fell slightly in 2018.

CNN's Cristina Alesci, Travis Caldwell and Emma Lacey-Bordeaux contributed to this report.


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