Florida
Trump earns big from Florida golf resorts as his other businesses flag
By Tom Bergin, Lawrence Delevingne and Koh Gui Qing
(Reuters) – Donald J. Trump’s golf club in Jupiter, Florida, where multi-million-dollar villas flank the greens of an 18-hole course, reflects the new geography of his family business. Long based in New York, the Trump Organization has gravitated recently to Florida’s southeast coast, where its golf and resort properties now pay the bills.
A decade ago, before Trump ran for president for the first time as a Republican in 2016, his golf courses and resorts were a drain on the company’s cash flow, which mostly came from real estate, according to a Reuters analysis of court and tax records and other financial disclosures.
But today, the golf and resort business is the biggest driver of the company’s cash flow — accounting for about four-fifths of the approximately $80 million in cash after operating expenses that will be generated this year by the hundreds of companies ultimately owned by Donald Trump, known collectively as the Trump Organization. The group’s annual revenues are over $600 million, according to the Reuters estimate.
The analysis is the first detailed estimate of Trump’s projected 2024 income, as he contests November’s presidential election. It is based on financial statements and other information provided as part of court cases, regulatory filings by Trump Organization entities and their partners, U.S. tax records and other documents.
The health of Trump’s golf business is a bright spot at a precarious moment for the Trump Organization: it faces more than $530 million of court judgments and interest against Trump, some family members who hold senior roles, and his companies; a weak commercial real estate market in New York; and the question of what happens if Trump loses a tight race for the presidency.
If enforced, the court judgments would exceed the amount of cash that Trump said he had as of this March, via a social media post: “almost five hundred million dollars.”
Reuters shared its detailed projections with former president Trump’s son Eric who runs the family business, and two other senior Trump Organization executives, and Trump’s campaign representatives.
“The Trump Organization is the strongest it has ever been,” Eric Trump said in a written response. “We have the best and most iconic assets anywhere in the world and I am incredibly proud of not only everything the company has accomplished, but also everything my father has accomplished in the political world.”
He did not comment directly on the financial estimates or other specifics shared by Reuters, and the others did not respond.
The news agency also interviewed more than a dozen business associates, real estate and leisure industry experts, and people familiar with Trump properties.
On paper, much of Trump’s wealth is tied up in his majority stake in Trump Media & Technology Group, owner of social media platform Truth Social. Shares of the media company have been pumped sky-high in large part by retail investors enthusiastic about Trump’s brand and his prospects in November’s election.
After surging early this year, stock has fallen by more than half, but the company – in which Trump holds a stake of more than 50% – still has a market capitalization of about $4.5 billion. As of Monday, that stake was worth about $2.5 billion
The media company, however, adds nothing to Trump’s cash flows – it is a separate company from the Trump Organization and it generated a loss of $58 million last year on revenues of just $4 million. His shares in Trump Media are locked up by a corporate agreement that expires in September. If faced with a large legal bill after that, Trump could unload those shares piecemeal – selling all at once could cause the stock to tank – or sell off assets like buildings.
JEWEL IN THE CROWN
Last week Trump submitted his latest U.S. Office of Government Ethics candidate financial disclosure. This included the revenues from some of his businesses and fees received for endorsements, such as a $300,000 fee for promoting a bible published by a country singer. The disclosure consists mostly of broad ranges of value Trump has ascribed to his businesses and ranges of revenues that these businesses generated across 2023 and part of 2024, rather than estimates of the cash he earns.
The jewel in the crown of Trump’s business is the Mar-a-Lago Club in Palm Beach, the ornate resort where the former President lives and receives a stream of politicians and influence-seekers: that will generate an estimated $24 million in cash in 2024, according to the Reuters analysis.
Three nearby golf-focused properties are also resurgent, with revenue jumping in the wake of the Covid pandemic. Trump National Doral, the expansive but leveraged Miami-area golf hub, will generate an estimated $10.5 million cash, while smaller clubs in Jupiter and West Palm Beach will yield an estimated $8.4 million and $10.4 million, respectively, according to the Reuters estimates.
The rise in golf-related cashflow underlines Trump’s popularity with a core of affluent Americans, especially in strongholds of his Make America Great Again movement like Florida.
Trump “has galvanized people who are his base to come spend their money at his places because they want a piece of him,” said Christopher Henry, CEO of consultants Majestic Hospitality Group.
Reuters based its analysis on the clubs’ past profitability, as disclosed in court documents, adjusted for the increased revenues predicted by the Trump Organization and checked against Trump’s most recent Office of Government Ethics disclosures.
Reuters’ estimates exclude major capital expenditure on upgrades to the Trump properties, which can be significant, said Doug McCoy, a professor of finance at Indiana University. While the news agency found no public reports of such renovations, that could mean the Reuters cash flow estimate is too high.
Florida-based golf consultant Stephen Eisenberg said major course renovations are required every 10 to 15 years.
In addition to McCoy, Reuters vetted its analysis with three independent experts in the real estate and resort industries – an investment bank analyst, a finance professor and an industry executive. None of them took issue with the overall approach or underlying calculations.
Golf course owner and consultant Kenny Nairn said some in the industry are bracing for a possible cooling in the Florida market after a heady few years. More than a dozen new golf courses are being built in the state, which will increase competition for members and playing fees.
Trump’s Florida courses had margins of over 30% across 2021, 2022 and the first five months of 2023, according to documents released as part of the fraud trial.
“Most clubs here in Florida are in the 8% to 10% NOI (net operating income). If you have a fantastic year, you can be up to 15%, 17%,” Nairn said, adding that he could not see those profit margins being sustained.
LEGAL TROUBLES IN NEW YORK
In 2022, New York’s attorney general brought a fraud case against the Trumps for overstating the valuation of their properties for economic gain. The prosecution was successful: a judge in February fined the former president, his companies, and two eldest sons $363 million. Including interest, the fine stands at more than $450 million.
The ruling temporarily barred Donald, Eric and Donald Jr. from serving as an officer or director of a New York-based company, and mandated an independent monitor and director of compliance, citing the fraud conviction and inadequate internal controls.
Trump has posted a $175 million bond while the case is on appeal and Eric Trump remains in charge of the Trump Organization. There is also an $83.3 million defamation verdict against Trump as a private defendant, which is also being appealed.
Days after the valuation judgment in New York, the Trump Organization said it had shifted a series of legal entities foundational to its business from Manhattan to Florida, including to the address of its Jupiter golf club. The reorganization, though, appears to have been blocked by the judge, who ruled Trump could not evade the terms of its monitorship through “change in corporate form.” Eric Trump and the Trump Organization did not comment on this.
The Manhattan Supreme Court judge, Arthur Engoron, did not respond to an email seeking comment. The New York attorney general’s office declined to comment.
Florida has been friendlier. In March, the state’s Republican attorney general joined a legal brief supporting the former president before the U.S. Supreme Court; it called the New York case against Trump a “shocking” and partisan attempt to bankrupt him. The Florida attorney general’s office did not respond to a request for comment.
NEW EXPANSION, OLD DEBTS
Reinforcing the growing importance of Florida, the Trump Organization is seeking approval from the city of Doral, just outside Miami, to build nearly 1,500 residential units at his golf resort there. It would be the group’s first major new property development since completing a set of condominium-hotel towers in Las Vegas and Chicago in 2008 and 2009, respectively.
In New York, however, a cooling of the commercial property market poses a problem for the Trump Organization.
Coming due in 2025 is Trump’s approximately $120 million loan on 40 Wall Street – an office skyscraper in Manhattan where occupancy and income have declined. The building was one-fifth empty at the end of last year, according to Fitch Ratings.
Falling rents and a sharp rise in interest rates mean that buildings like 40 Wall Street are typically unable to generate the revenues to service the high levels of debt they did during the commercial property boom before the pandemic, according to Stijn Van Nieuwerburgh, a professor of real estate and finance at Columbia University.
The Trump Organization for now is building its business from Jupiter, the wealthy beach town known for golf courses and big-name residents nearby, such as Michael Jordan and Tiger Woods.
Eric and Donald Jr. both live in town with their families and work a short ride away at Trump National Golf Club Jupiter. It’s there that they applied for permits earlier this year to build a three-story, nearly 46,000 square foot headquarters for what company literature refers to as the “Trump Golf empire.”
In February, Eric Trump went on Fox News from Florida to decry the valuation fraud ruling against the family business as politically motivated.
“The best thing I ever did,” he said, “was get out of New York.”
(Reporting by Tom Bergin in London, Lawrence Delevingne in Boston and Koh Gui Qing in New York. Editing by Tom Lasseter, Benjamin Lesser and Claudia Parsons)
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Florida
Audubon Florida leader has built reputation for working across party lines | The Invading Sea
By Issabella Gutierrez
As a child growing up in rural Florida, Julie Wraithmell once stood at the foot of a tall pine tree and watched a woman climb 50 feet into the air to occupy an abandoned eagle’s nest. The woman, Doris Mager, stayed there for a week to raise money for raptor rehabilitation. For young Julie, the “nest-in” became a blueprint for a life in conservation.
In Florida’s often unpredictable environmental policy landscape, Wraithmell has built a reputation for working across party lines.
Today, as the vice president and executive director of Audubon Florida, the state office of the National Audubon Society, she leads the organization’s statewide science and advocacy efforts from her office in Tallahassee. She spends the legislative session in committee hearings and meetings with lawmakers, agency officials and conservation leaders.
Over two decades, she has evolved from a field biologist and self-described “bird nerd” into an influential environmental leader in Florida, navigating a political landscape that can be as unpredictable as any treetop.
A native Floridian, Wraithmell earned a bachelor’s degree in biology from Duke University and a master’s degree in science from Florida State University.
She began her career in 1997 as a biologist at the Florida Fish and Wildlife Conservation Commission, where she worked for eight years and helped launch the Great Florida Birding Trail, a 2,000-mile network connecting more than 500 wildlife-viewing sites.
Wraithmell now oversees 80 Audubon Florida staff members and 45 chapters statewide. Beyond lobbying, she directs habitat restoration strategies and coordinates policy teams focused on land conservation and water quality.
Renée Wilson, a senior communications coordinator at Audubon Florida, described Wraithmell as a “getter-donner” who remains “cool as a cucumber” even when tension runs high in the Capitol.
“She’s not a micromanager,” Wilson said. “She gives you the direction you need, and she’s there if you need a course correction, but she really empowers the staff to follow their passions.”

Her leadership was tested in 2024 and 2025, when proposals surfaced to add golf courses to state parks and to swap protected land at the Guana River Wildlife Management Area for development. Audubon Florida helped generate tens of thousands of public comments and coordinated bipartisan opposition that led to the withdrawal of both proposals.
Elizabeth Alvi, senior director of policy for Audubon Florida, said Wraithmell’s leadership in these sensitive moments is defined by a refusal to be pulled off course by short-term pressure. She added that Wraithmell is widely respected by lawmakers across the aisle.
“People know that when she speaks, it is grounded in science and aligned with a clear organizational priority, not opportunistic positioning,” Alvi said. “That discipline earns respect in the Capitol because it’s consistent and thoughtful.”
Wraithmell often quotes a mentor who told her that advocacy requires “weaving back and forth across the political aisle like sloppy drunks.”
“You might find yourself fighting a legislator over a road project one year, but you have to be ready to partner with that same person on a land conservation bill the next,” Wraithmell said. Holding onto professional grudges, she said, is a luxury the environment cannot afford.
That pragmatism shapes her push for stable funding for Florida Forever, the state’s land acquisition program that has preserved more than 1 million acres. While funding has fluctuated in recent years, she said unstable funding could impede critical habitat purchases as development pressures increase.

In 2010, Wraithmell led Audubon’s response to the Deepwater Horizon oil spill, advocating for restoration settlement funds to be directed toward coastal bird habitat recovery. Her efforts earned her the Charles H. Callison Award in 2015, the highest honor from the National Audubon Society.
Wraithmell does not shy away from the topic of climate change.
“The ocean is coming for us,” Wraithmell said. “Whether you call it climate change, sea-level rise or flooding, we are seeing the impacts on our shorebirds and our coastal communities right now.”
Under her leadership, Audubon Florida has expanded coastal resilience efforts, including protecting nesting grounds threatened by rising sea levels and promoting nature-based solutions such as wetland restoration and living shorelines. Alvi said many people underestimate how difficult it is to align science, policy timing and organizational reputation simultaneously.
“The most significant win will likely be institutional strength: a conservation movement in Florida that is more strategic, more science-driven and more disciplined in its public engagement,” Alvi said.
When asked to summarize Florida’s environmental story in a single place, Wraithmell pointed to the Everglades. She described it as an ecosystem shaped by historical “screw-ups,” from ditching and draining to the exploitation of birds.
“It’s a site of people coming together and saying, ‘Whoop, we screwed up. Now what are we going to do about it?’” Wraithmell said. “With billions of dollars in investment, we are seeing results.”
Despite the rapid pace of development across Florida, Wraithmell remains optimistic about the future, pointing to volunteers, students, and local advocates who make up the Audubon Florida network.
“Watching kind of the creative magic that they get up to together,” Wraithmell said. “That is what gives me hope for the next decade.”
The little girl watching from the ground is gone. Now, Julie Wraithmell is the one in the treetop, asking young Floridians to climb with her and protect wild Florida.
Issabella M. Gutierrez is a junior majoring in multimedia journalism at Florida Atlantic University. Banner photo: A great egret flies over the Florida Everglades (iStock image).
Sign up for The Invading Sea newsletter by visiting here. To support The Invading Sea, click here to make a donation. If you are interested in submitting an opinion piece to The Invading Sea, email Editor Nathan Crabbe.
Florida
Florida Democrats flipped two legislative seats in 2026 special election, their best performance in years
Florida Democrats had their best election night in years Tuesday, flipping two legislative seats.
Analysts and politicians point to the combination of strong candidates, low turnout special elections, rising gas prices compounding existing affordability issues and the ongoing conflict in Iran, which helped offset the registration and financial advantages of Republicans.
Also, historically, an unpopular president heading towards the midterm elections is always tricky for the party in power.
These factors may justify some optimism for the minority party in the state heading into the November election cycle, which could see rematches from Tuesday’s contests.
University of Central Florida political science professor Aubrey Jewett said at the campaign level Florida Democrats did a good job getting solid candidates who didn’t make mistakes and stuck to the message of affordability.
Also, there is the timing, as historically the sitting president’s party more often loses seats in midterm elections at the congressional and state legislative levels. Jewett added that unpopular presidents lose even more seats, noting that since the 2024 presidential election, Democrats have flipped more than two dozen seats in Republican or battleground states.
“President Trump’s unpopularity cast a long, dark shadow over these Republican candidates in these races,” Jewett said. “And so, even if you had decent candidates, it was just too much of an uphill battle because of President Trump’s unpopularity.”
One of those Democrats who won did so in a district that includes Trump’s Mar-a-lago estate
Democrat Emily Gregory of Jupiter led by 2.38 percentage points with 33,429 ballots cast in the House District 87 contest along the east coast of Palm Beach County. The district includes the home of President Donald Trump.
Gregory is a Treasure Coast native, a military spouse and mother of three with a master’s degree in public health from Columbia University who operates a small fitness business.
Tampa Democrat Brian Nathan, a U.S. Navy veteran and organizer with the International Brotherhood of Electrical Workers, was up 0.51 percentage points in the state Senate District 14 contest in Hillsborough County, where 80,016 votes were cast.
The results remain unofficial.
Republican Hilary Holley easily won the third legislative special election, House District 51 in Polk County, by more than 8 percentage points.
In the Tampa State Senate race, Jewett said there was evidence that Republicans seemed to be doing well in early voting, noting GOP candidate Josie Tomkow, a former House member, had good name recognition and funding.
“But it appears that the Democrats that turn out were strongly unified and (no party affiliation voters) must have gone strongly Democratic as well — and it seems likely that at least some Republicans voted Democratic,” Jewett said.
House Speaker-designate Sam Garrison, R-Fleming Island, who led GOP efforts for the House special elections, issued a statement Tuesday night that Republican Jon Maples ran an “extremely strong campaign” for the Palm Beach County seat, but faced “low Republican turnout due to awkward special election timing,” and also questioned “despicable, dark-money” attacks against the candidate.
Garrison added, “We will learn from today’s results and see you in November.”
Florida Republican and Democratic party chairs react to the election’s results
Republican Party of Florida Chairman Evan Power said the party is “proud” of its special election candidates and will continue to “engage, mobilize and lead.”
“Republicans are leading on the issues that matter the most to Floridians — public safety, economic growth, meaningful property tax reform, expanded school choice, and strong environmental stewardship,” Power said in a statement. “Our record isn’t just strong, it is unmatched. With a Republican voter registration advantage of nearly 1.5 million, we are well-positioned and fully energized as we head toward November.”
Florida Democratic Party Chairwoman Nikki Fried hopes the result makes Republican lawmakers pause as they approach Gov. Ron DeSantis’ call for a special session to redraw congressional district lines the week of April 20.
“Voters are tired of one-party rule and attempts to steal their votes,” Fried said in a conference call Wednesday with reporters. “They are tired of the skyrocketing costs and the chaos in the news this year.”
Fried also said the state party, which still faces a need to cut into the Republican supermajorities in the Legislature in the fall election, has been on the phones with national Democratic groups that have disengaged from Florida politics the past couple of cycles.
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