Donald Trump's business empire is reportedly taking a major hit since his transition out of the White House, with one real estate expert saying the family name is "radioactive" and his properties are shedding value.
Business Insider reported there has been considerable negative attention around the now-former president's name after his four tumultuous years in office and the attack on the U.S. Capitol in his final days in the White House. That has affected his real estate empire as he moved back into private life, the report noted. The outlet cited an analysis that found his Manhattan buildings have lost half their value since he first took office in January 2017, with even more uncertainty brewing since he has left office.
Mark Cohen, a real estate broker with the Manhattan-based firm Brown Harris Stevens, added that interest in Trump properties has fallen even more since the January 6 attack. Cohen represents a number of people trying to sell apartments in Trump-owned buildings and said that sellers have gone into a holding pattern to wait out the bad news surrounding the former president.
"From a practical and business standpoint, I think it was just a smart decision to say, 'Let's wait while all the noise kind of surrounding the building and the brand slows down a bit,'" Cohen said. "And then we can think about what our options are probably in a couple months time or maybe longer."
Trump has faced criticism for his failure to divest from his personal financial interests before entering the White House, something his predecessors had done. Trump instead vowed to step back and allow his adult sons to run the company, saying he would not be involved. But there were a number of reports claiming he broke these and other pledges. As The Inquisitr reported, he came under fire last year for refusing to pledge that he would not accept taxpayer cash from the coronavirus response stimulus package.
Other reports found significant increases in government spending at Trump-owned properties, including a major boost in U.S. military spending in and around his golf resort in Scotland. After reports found a large increase in the number of U.S. Air Force landings at an airport near the Turnberry resort, Trump took to Twitter to deny any involvement but praised the military branch for having "good taste" to pay for service members to stay at the luxury resort.
As it stands now, the Trump name appears to be too volatile, Cohen added.
"If I were choosing to market a new project, the Trump name is probably pretty radioactive right now," he said.