- Vornado and Trump will receive $ 617 million as part of a $ 1.2 billion bond sale, Bloomberg reported.
- The payment is part of a refinancing deal for 555 California Street in San Francisco.
- Trump is a 30% partner in 555 California and 1290 Avenue of the Americas in New York.
- See more stories on the Insider business page.
Former President Donald Trump could receive a multi-million dollar payout from his minority stake in San Francisco with the Vornado Realty Trust, which sold $ 1.2 billion worth of bonds on Friday, according to Bloomberg.
The deal included a return on partners of $ 617 million, Bloomberg reported earlier. It was not clear how much they would go directly to Trump.
About $ 800 million of Trump’s net worth is connected to buildings. Unlike other buildings owned directly by The Trump Organization, the former president has no control over the properties he owns with Vornado.
The money raised on Friday from bond sales will be used to refinance loans and finance the construction of their property from 555 buildings in California, according to Bloomberg.
Vornado is in the middle of a $ 66 million redevelopment project for 555 California and 345 Montgomery Street, another of the complex’s buildings, according to a February statement from the Securities and Exchange Commission.
Built in 1969, the 52-story 555-story building in California was formerly known as the Tower of America Tower.
Prior to his presidency, Trump tried to liquidate his stake in Vornado’s property, Insider reported. As banks and businesses cut ties with Trump during or after his presidency, Vornado is considering buying Trump’s stake, The Wall Street Journal reported earlier this year.
The company is the largest owner and manager of commercial real estate in New York.