Former President Donald Trump may receive a multimillion payout from his minority ownership stake in a San Francisco property with Vornado Realty Trust, which on Friday sold $1.2 billion in bonds, according to Bloomberg.
The Trump Organization has about 30% ownership in office towers on both coasts through a partnership with Vornado. Together, they own 555 California Street in San Francisco and 1290 Avenue of the Americas in New York City.
As much as $800 million of Trump’s net worth is tied up in the buildings. Unlike other buildings owned outright by The Trump Organization, the ex-president doesn’t have control over the properties he owns with Vornado.
The money raised on Friday from bonds sales would be used to refinance loans and fund construction on their three-building 555 California property, according to Bloomberg.
Vornado is in the middle of a $66 million redevelopment project for both 555 California and 345 Montgomery Street, another of the buildings in the complex, according to a February filing with the Securities and Exchange Commission.