Trump lifts the veil on his empire From mega-buck speech appearances to his golf empire, The Donald reveals how he makes his cash.

Donald Trump on Wednesday opened the kimono on his business empire, and revealed a whole heck of a lot of assets.

Trump made good on his promise to file the financial disclosure required of presidential candidates, something Donald doubters said wouldn’t happen as they panned the real estate mogul as a flash-in-the-pan candidate simply looking to amp up his brand.


But 92 pages of golf courses, hotels, condos, mattresses, skincare products, perfumes, and wineries landed mid-day on Wednesday as the Federal Election Commission released the document in all of its Trump-branded glory.

From Istanbul to Beverly Hills, Trump reported assets of at least $1.4 billion in real estate and other holdings, income of at least $431 million over the past 18 months from a vast number of sources, and liabilities of at least $265 million, including several mortgages for different Trump properties.

One figure that was missing: Trump’s net worth.

The financial disclosure comes with two big disclaimers — these are Trump’s self-reported figures, and the FEC requires the candidates to report only in ranges, with “over $50 million” being the highest range. So it’s impossible to nail down his true net worth from the documents, and the totals could very well be a low-ball figure.

Trump’s net worth has long been in dispute, with many critics saying he artificially inflates the value of his “brand.” Trump last week, in not-so-subtle fashion, stated that his net worth was “in excess of TEN BILLION DOLLARS.”

Forbes magazine, which has been tracking his net worth for more than 30 years, has pegged Trump’s net worth at $4 billion and told POLITICO on Wednesday it will stick to its assessment.

“We reviewed Mr. Trump’s latest filing with the FEC and find no basis to revise our estimate of his net worth at this time. We’re in the process of updating our valuations for our annual Forbes 400 list,” the magazine said in a statement.

Still, it’s notable that Trump was willing to cough up the figures. Many had doubted that Trump would stay in the race long enough to give the public and business rivals a peek into his financials, but such a disclosure is a prerequisite for participating in the first Republican primary debate next month.

The release on Wednesday in some ways solidifies that the real-estate mogul truly is running for the White House and allows him to stick to his line that he is a billionaire many times over who can afford to self-finance his improbable presidential run.

It also provides some interesting insight into how Trump makes his cash.

One takeaway: it appears that Trump is a golf magnate at least as much as a real estate magnate.

Trump earned at least $176.4 million from 15 golf courses in Scotland, Ireland and across the Eastern Seaboard — about 41 percent of the low-end estimate of his income since the beginning of last year.

On the real estate front, he took in $77.3 million from condo sales and $41.9 million in rent on his buildings.

A smaller but still significant portion of Trump’s wealth came from lending his name to other companies, the disclosure shows. Trump reported earning between $9.4 million and $28.2 million in royalties from licensing agreements with non-Trump owned hotels that pay to use his name, as well as mattress, footwear, menswear and coffee companies.

Trump also pulls in a few million here and few million there from a wide array of places.

He’s earned $8.7 million in the past 18 months from Wollman Rink in Central Park, $3.4 million from his Miss Universe Beauty Pageant, as much as $450,000 a pop for his paid speeches, and $110,000 from his Screen Actors Guild pension.

It’s unclear, however, how much damage Trump’s scorched earth campaign has brought to his wealth.

His comments on Mexican immigrants as rapists and on John McCain as a faux war hero have rankled not only the establishment wing of the party but his business partners.

NBC, Macy’s, Univision and many other companies have dumped Trump in recent weeks, even as he’s continued soaring in the polls, much to the chagrin of his Republican rivals gasping for media oxygen.

He does seem at least partly insulated by just how broad his portfolio and income sources are.

Trump earned at least $35.7 million from holdings outside the U.S., everywhere from Brazil to Canada to the French West Indies. But his true income from foreign assets may be much higher; a number of his limited-liability companies have names suggesting a foreign connection, such as Trump Marks Panama LLC, but are registered in New York, according to the document.

His namesake Charlottesville winery, which Trump pointed to last week to emphasize his shrewd negotiating skills, is valued between $5 million and $25 million.

Trump also reports that his wife, Melania, made between $100,000 and $1 million on her skincare line and a small royalty income on her line of accessories.

He boasts a diverse stock portfolio with investments in major energy, tobacco, retail, tech and food and beverage companies — everything from Apple, Whole Foods and Toyota to McDonalds, PepsiCo. Inc. and Chevron.

He also brought in big money from his speeches last year. Trump reported that ACN Inc., a marketing company that has been endorsed by Trump, paid him $450,000 a pop for three speeches in 2014. He also earned $100,000 each for talking to the National Multifamily Housing Council and the Peoples Realty Co.

His books, however, haven’t done so well. While “Time to Get Tough” brought in between $50,001 and $100,000 in royalties, the majority of his tomes netted him less than $201 last year.

Hadas Gold, Aaron Mak and Maya Park contributed to this report.