Donald Trump is quietly in the midst of some kind of financial crisis. While the details are still mostly opaque, over the past week we’ve seen Trump decide to sell off his one truly profitable hotel (the one where he runs emoluments grifts in DC) and change his state residency from New York to Florida, all in a clear effort at staving off some kind of impending financial doom. You have to wonder if there’s more coming.
We don’t know if Donald Trump’s “move” to Florida is simply an attempt at avoiding New York state income tax, or if he’s trying to protect Mar-a-Lago in an eventual bankruptcy or asset forfeiture scenario. But we do know that this recent series of moves is all about obtaining short term cash, even at the humiliating cost of losing his cherished DC hotel down the street from the White House, and losing his official status as a New Yorker. His financial situation is clearly past the point of caring about appearances.
That brings us to the matter of Trump Tower. It’s where Donald Trump lived, most of the time, until he stole the presidency and moved to the White House. But since taking office, he’s almost never gone back to Trump Tower. For whatever reason, it’s clearly not important to him anymore. Now he’s suddenly entering into a fire sale scenario, and you have to wonder if that means the end of Trump Tower.
Sure, the Trump Organization and some of Donald Trump’s family members still use Trump Tower as their home base. But that arrangement could continue even if Trump sells off the building. It’s not clear if he would make any money by doing so, as the property appears to be caught up in his massive Deutsche Bank debts – but selling it off could get Trump out from under some of that debt, and perhaps reduce his loan payments.
If you’re thinking that Donald Trump is far too vain to ever consider selling off the building he once lived in, and thus seeing his name removed from it, consider that Trump’s thinking on these matters appears to be rapidly shifting. Just last week he took his name off the Central Park ice skating rink, in an apparent attempt at boosting business, as his name has become just that toxic of a brand. The guy is so financially desperate, he’s suddenly making all kinds of humiliating moves. Is Trump Tower next? New Yorkers would overwhelmingly celebrate the removal of his name from any and all properties in the city.
Bill Palmer is the publisher of the political news outlet Palmer Report