Trump’s Secret $125 Million Windfall | Forbes Investigates | Forbes

For years, Donald Trump has touted his own name, at one point telling Forbes it was worth $5 billion alone in goodwill. But what was once an asset—though certainly not a $5 billion one—has become a liability, especially in the cosmopolitan ­places like New York City where the president built his fortune. In any portfolio, it’s good to have some diversification. In Trump’s case, that’s two major buildings without his name on them, 1290 Avenue of the Americas in New York and 555 California Street in San Francisco. The Trump Organization neither brands nor operates them. Instead they are controlled and managed by the publicly traded real estate firm Vornado, which holds a 70% stake in both; Trump owns the rest. Given the arm’s-length relationship to the president, tenants don’t seem to be backing away from those buildings—in fact, two said they didn’t even know they were partly paying Trump until Forbes told them. The other assets that make up Trump’s $3.1 billion ­fortune are down