President Donald Trump has paid off the $1.2 million mortgage he took out in 1994 for a mansion adjacent to his “Winter White House” Mar-a-Lago, according to a “Satisfaction of Mortgage” instrument recorded in the Palm Beach land records.
The final payment to lender Merrill Lynch came two years ahead of schedule, suggesting good fortunes for the commander-in-chief’s real estate empire. The reality, however, is a good deal bleaker than implied.
Trump owes his two largest mortgage creditors, Deutsche Bank and Ladder Capital, $350 million and $300 million respectively, making his recent $1.2 million payoff a drop in the bucket.
Trump’s fortunes have famously waxed and waned and—as his many critics are fond of noting—he has filed for bankruptcy a number of times.
His secret Palm Beach manor, located at 1094 South Ocean Boulevard, is commonly vacant, with the windows covered and the mailbox sealed. A 5-bedroom, 4-bathroom house, it typically plays host to family and Florida guests of Trump when it’s used at all.