By Charlie McCarthy | Thursday, 04 February 2021 04:58 PM
The presidency literally was costly to former President Donald Trump.
Trump, who announced his candidacy in 2015 with a net worth of $4.5 billion, left office in January with about $2.5 billion, according to Forbes' estimates per Fox Business.
Forbes also said it was possible Trump had even less money than that since he "likely had to cover losses at his hotels."
An economic recession escalated by the COVID-19 pandemic contributed greatly to Trump's loss of worth, according to Forbes. He held assets in industries affected by government lockdowns.
Trump, who took office as No. 121 on Forbes' list of wealthiest Americans, saw his net worth drop to $3.1 billion in 2019. In recent weeks, Trump's empire has been affected by multiple entities cutting ties following the Jan. 6 U.S. Capitol riot.
Also, the Trump Organization's revenue declined 38 percent, to $278 million, in 2020 when the pandemic crippled businesses around the world.
Some good news for Trump was that his Mar-a-Lago resort in Palm Beach, Florida, last year saw income rise 13 percent, from $21.4 million to $24.2 million. In the past, Mar-a-Lago has earned more than $30 million in a year.
During his four years in office, Trump's $400,000 annual presidential salary, paid in quarterly checks, was donated to various causes.
The Washington Examiner reached out to Trump's office for a response but has not heard back.
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