Published: Mon, June 19, 2017
Global Media | By Meredith Barber

Donald Trump rakes in $300m from golf courses

Donald Trump rakes in $300m from golf courses

Trump reported $37.2 million in income in the past year from Mar-a-Lago, the private Florida resort where the President hosted his Chinese counterpart Xi Jinping.

The financial disclosure, which Trump voluntarily submitted to the Office of Government Ethics on Friday, showed that the businessman-turned-president had earned millions of dollars from the personal businesses he retired from upon taking office in January. The report, which presents an imperfect window into Trump's assets, debt and income, is the third of its kind that he has released since announcing his candidacy in 2015.

Those would be found on tax returns, which Trump has declined to release despite saying during the campaign he'd do so.

"President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form; while this filing is voluntary (as no report was due until May 2018), it has been certified by the Office of Government Ethics pursuant to its normal procedures", Spicer said. The White House did not make any statements about his net worth when his filing was posted Friday by the ethics office.

For 2016 and early 2017 Trump reported an income of at least $594 million and assets worth at least $1.4 billion.

The newly released financial disclosure of President Donald Trump reveals how much money he has made, as well as what he's liable for, through April 15. After he was elected president, the annual membership fee for club was doubled to $US200,000.

At his golf courses alone, Trump reported $288 million in income in the past year.

The new filing shows that Trump had at least $310 million in liabilities spread across 16 loans, a lot of them mortgages, an amount similar to what he reported in his prior financial disclosure.

Eric Danziger, head of Trump's hotels division, with Donald Trump Jr, centre, and Eric Trump, right, at an event to launch "American Idea", a new mid-market hotel chain last week.

His golf club in Bedminster, New Jersey, on the other hand, produced nearly $20 million in revenue, about what it had during the previous reporting period. Trump valued 22 of his holdings at $50 million or more. The largest proportion of debt - at least $130 million - is owed to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank AG. For many of Trump's properties, specifically golf courses and resorts, Trump lists revenue, rather than income, masking their profitability.

Three lawsuits claim that Trump's businesses - including the hotel - violate the U.S. Constitution's "emoluments clause", which bans U.S. officials from accepting payments or gifts from foreign governments or from U.S. state and local governments.

The disclosure reflects income of between $2.5 million and $15.5 million from stocks, bonds and mutual funds.

On paper, at least, the billionaire president's finances don't appear to have been upended by the time-consuming campaign and transition to power.

His assets probably exceeded $1.4bn because the disclosure form provided ranges of values.

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