Donald Trump
Trump’s Net Worth Plummets While Top 10 Richest Gain Billions On Forbes’ List Photo by Scott Olson/Getty Images

Donald Trump’s time in the White House didn't turn out to be beneficial for his company as it lost more than $70 million on his luxury hotel in Washington, D.C. while he was serving as the President of the United States, reveals new documents.

The House Committee, a congressional committee, is investigating his business, and the documents were released Friday. The hotel, which is not far from the White House, was struggling so much that the Trump Organization had to pump in $27 million from other parts of its business, said the Democrat-led committee, and shared that a lender gave the company preferential treatment to delay payments on a $170 million loan.

The hotel got more than $3.7 million from foreign governments, and ethics experts feel that Trump should have turned it down as it posed conflicts of interest with his role as the leader of America, reported Associated Press.

Trump's company issued a statement regarding the findings of the committee, calling them false and misleading, and said that no lender gave it any special treatment. The company said, “This report is nothing more than continued political harassment in a desperate attempt to mislead the American public and defame Trump in pursuit of their own agenda."

In a letter to the General Services Administration (GSA), the federal agency overseeing the hotel, the committee said that the alleged delay in loan by Deutsche Bank to Trump was an “undisclosed preferential treatment” that should have been reported by him. The property is leased by GSA to Trump's company.

The committee said in the letter, “The documents raise new and troubling questions about former President Trump’s lease with GSA and the agency’s ability to manage the former president’s conflicts of interest during his term in office when he was effectively on both sides of the contract, as landlord and tenant." “Several inaccurate statements” were made by the committee about the loan agreement, said Deutsche Bank.

Trump's company has been trying to sell the hotel with more than 200 rooms since 2019, but has struggled to find buyers amid the pandemic.

Meanwhile, Forbes recently reported that for the first time in 25 years, Trump didn't make it to the Forbes 400 list of America’s richest people as his worth was an estimated $2.5 billion. He needed at least $400 million more to feature on the list.

According to the Bloomberg Billionaires Index, his net worth has slipped to $2.3 billion from $3 billion when he was elected as the president. The pandemic and the Capitol riot that got him impeached for a second time are having a negative impact on his brand.

Donald Trump
Former President Donald Trump speaks to supporters during a rally at the Iowa State Fairgrounds on Oct. 09, 2021 in Des Moines, Iowa. This is Trump's first rally in Iowa since the 2020 election. Photo by Scott Olson/Getty Images

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