Here’s How Much Money Trump Owes—And Who Stands To Collect
Donald Trump likes to downplay the amount of money he owes. "I've got very low debt on buildings, like this building," he said earlier this year in the lobby of 40 Wall Street, a property that appears to be underwater because of its $118 million mortgage—just one liability in a portfolio with $1.8 billion of them.
Trump reworked his balance sheet after leaving the White House, paying off more than a half dozen loans. But three major court decisions collectively added an estimated $574 million of liabilities to his balance sheet. He holds roughly $410 million of cash and more than $9 billion of other assets—including almost $6 billion worth of shares in his (very volatile) social-media venture—which he could theoretically liquidate to pay off creditors.
Presented with a list of liabilities, Trump's Chief Legal Officer Alan Garten pointed out that the former president is appealing the legal judgments—and took issue with Forbes' numbers, noting that they include debt against buildings where Trump is a limited partner and therefore would not be personally liable in the event of a default. Garten also seemed to suggest, nonsensically, that money owed to members of Trump's clubs should not be included in the tally because Trump will pay them back with future income.
Meanwhile, campaign spokesperson Steven Cheung touted Trump's career successes and suggested that the former president owes fewer Washington insiders than other politicians: "Because of his love of America, he decided to run for the White House as an outsider not beholden to the establishment." Whether or not that's true, there's no question that Trump owes money to plenty of creditors. Below, Forbes breaks it all down, explaining when the liabilities come due, how expensive the interest will be and who stands to collect the cash.
Business litigation Amount: $482 million Creditor: New York attorney general Status: Under appeal Interest rate:The largest liability on Trump's balance sheet is also its biggest question mark. A judge ordered the former president to pay $454 million after the New York attorney general sued Trump for lying about his net worth. Trump is appealing the decision, with big money on the line. While the litigation moves through the courts, interest accrues at a rate of 9% a year, adding more than $3 million a month to Trump's liabilities. If Trump wins the appeal, though, he could save hundreds of millions.
Amount: $360 million Creditor: JPMorgan Chase Maturity: May 2028 Interest rate: Est. 6.9% (variable)The former president and his partner, publicly traded Vornado Realty Trust, refinanced their three-building complex in San Francisco shortly after Trump left office, replacing a $533 million loan with a $1.2 billion one. As part of the deal, Trump received an estimated $160 million in cash. But the partners opted for a variable interest rate, and Trump did not hedge—at least initially— leaving him vulnerable when the Federal Reserve started jacking rates to combat inflation. Trump's share of the project is now barely earning enough to cover his interest expenses, according to an analysis of investor filings. The good news for Trump: He is a limited partner in the deal, which means he would not be personally liable if there were a default.
Amount: $285 million Lenders: JPMorgan Chase, Bank of Montreal, Citigroup Maturity: November 2028 Interest rate:Trump and Vornado also refinanced a tower in New York City, again going with a variable interest rate. The partners ended up hedging in November 2023 by purchasing something known as an interest-rate cap, doling out $63 million to limit their interest rate to 2.62% until November 2025. They hedged at the wrong time, though, locking in rates just they were finally starting to decline. As a limited partner, Trump does not control the day-to-day operations of the project—and has less downside if things devolve.
U.S. golf courses Amount: Est.$200 million Creditors: Club members Maturity: Est. 2024-2041 Interest rate:As his casinos struggled under waves of debt in Atlantic City, Donald Trump took advantage of a different kind of financing, accepting interest-free deposits from people joining his private clubs. Because the deposits left no paper trail in public records, they allowed Trump to act like he didn't owe any money at all—a ruse his team seems to keep up to this day. "Deposits to club members are paid when new membership are sold, and all the new memberships are non-refundable," Trump's Chief Legal Officer Alan Garten said in an email after Forbes sent him the $200 million estimate. "So this is just wrong, as the new membership zeroes out the old membership." But the fact that a borrower plans to repay a liability with future income doesn't mean the liability ceases to exist.
Trump National Doral Amount: Est. $135 million Creditor: Axos Bank Maturity: Interest rate:As Deutsche Bank backed away from Trump, the real estate mogul found a new favored lender—a California-based bank named Axos. The $125 million loan against Trump National Doral looked somewhat risky at first, since the golf resort had struggled in recent years. Business is booming now, though, with operating profits exceeding interest expenses by an estimated $19 million a year. Trump's attorney claims the former president only owes $125 million against the golf resort, though Trump appears to have some membership deposits at the property.
Amount: $118 million Creditor: Ladder Capital Maturity: July 6, 2025 Interest rate:Trump's most troublesome loan lies in Lower Manhattan, where he owns a leasehold interest to 40 Wall Street that is worth an estimated $116 million, less than the $118 million of outstanding debt on the building. Covid-19 hammered New York City's office market, and more challenges lie ahead. The $2.5 million of ground rent that Trump pays annually could skyrocket to $16 million in 2033, potentially wiping out all profits.
Trump Tower Amount: $100 million Creditor: Axos Bank Maturity: Interest rate:Then-president Trump had just $93 million of cash on his balance sheet in 2020, with a $100 million loan coming due against Trump Tower in two years. Rather than pay down the debt with cash, the Trump Organization opted to refinance. Doing so came with complications, however, because a single tenant, Gucci, provided roughly two-thirds of the rent in the building, and its lease was scheduled to expire in 2026. The Trump Organization ended up slashing an estimated $7 million off of Gucci's lease, while securing a 12-year extension. That evidently left Axos Bank comfortable enough to replace the expiring $100 million loan with one of the same size. It matures in 2032.
Personal disputes Amount: $92 million Creditor: E. Jean Carroll Status: Under appeal Interest rate: About 4.75%The writer E. Jean Carroll accused Trump of raping her in a department store. Trump denied the claim, repeatedly. "Number one, she's not my type," Trump told The Hill . "Number two, it never happened. It never happened, okay?" Carroll sued, and a jury found him liable for defamation and battery, awarding $5 million. In a second trial, Carroll won $83.3 million. Trump is appealing both cases while interest accrues.
Mar-a-Lago Amount: Est. $30 million Creditor: Club members Maturity: Est. 2024-2040 Interest rate:Trump accepted over $38 million in membership deposits at Mar-a-Lago—more than four times the $8 million he originally paid for the palace. The deposits acted as zero-interest loans, which had to be repaid 30 years after a member joined—but only if the person resigned from the club. Since Trump got into politics, initiation income has soared, meaning he should have little trouble paying back any of the old-timers who tire of the place.
Amount: $10 million Creditor: Professional Bank Maturity: June 1, 2048 Interest rate:Trump bought a mansion across the road from Mar-a-Lago in 2018 from his sister, a federal judge named Maryanne Trump Barry, who also inherited a fortune from father Fred Trump. The former president, who apparently purchased no other real estate while in office, bought the property for $18.5 million, financing the deal with a 30-year, $11 million mortgage from Professional Bank.
Trump International Hotel & Tower (New York) Amount: $6 million Creditor: Ladder Capital Maturity: August 6, 2026 Interest rate:The real estate tycoon secured five loans from Ladder Capital, which employed Jack Weisselberg, son of former Trump Organization Chief Financial Officer Allen Weisselberg. "Depending upon the deal, I may have approached him, or he may have approached me," the younger Weisselberg testified in court last year. Some of the debt has been satisfied, but the loans against 40 Wall Street and the Trump International Hotel & Tower remain on Trump's balance sheet.
Seven Springs Amount: Est.$5 million Creditor: The Bryn Mawr Trust Company Maturity: Interest rate:Trump has a small mortgage against his estate in Bedford, New York, the oldest bank loan in his portfolio. Previously slated to mature in 2019, the Trump Organization extended the loan toward the end of Trump's presidency for another 10 years, part of a renegotiation that bumped the interest rate from 4% to 4.5%.
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