Trump Organization Reportedly Dishonest About Worth, Valued Far Less Than Previously Thought

The Trump Organization is worth far less than they have previously stated, according to Crain's New York Business Wednesday. The business magazine said that the company has claimed revenues 10 times larger than what they actually bring in.

The Trump Organization tumbled 37 spots on Crain’s annual list of largest privately held companies in New York City from No. 3 to No. 40. Cain’s relies on companies to self-report revenue figures. New federal filings by President Donald Trump show that the company’s annual revenue falls somewhere between $600 and $700 million, less than one-tenth of the $9.5 billion figure the company had been reporting.

The Trump Organization did not respond to the new list, as well as a request for comment from International Business Times.

“It was obviously important to Donald to have his company at the top of the list and I don't know why he felt that way but the numbers that he presented are just flagrantly untrue,” said Crain’s reporter Aaron Elstein in an interview with WNYC, a public radio station in New York.

In the previous rankings, the Trump organization was next to companies like Hearst and Bloomberg. In the new rankings, the Trump Organization falls just after Bamberger Polymers, Inc. and just before Krasdale Foods, Inc.

The Trump Organization has focused on hotels and luxury condominiums — two real estate sectors that have seen a building boom in New York in the past decade. Since 2008, hotel room stock in the city has increased by 50 percent, reaching 115,000 rooms. New York has seen 9,000 new condos since 2015.

Trump as a brand name also seems to be devalued. The average price per square foot at two of Trump properties in New York have fallen by almost a quarter since 2015, according to the Wall Street Journal. The square footage value of space in Trump Towers has fallen 23 percent and at the Trump International Hotel and Tower on Central Park West, its fallen 24 percent.