POLITICS
What is Michael Cohen’s net worth? How does Trump’s former fixer make money after being disbarred?
Michael Cohen was once estimated to be worth around $100 million but his initial association with Donald Trump has left his career in ruins.
Donald Trump, aged 77, is facing trial on charges of manipulating business documents to conceal payments made by his former lawyer and “fixer” Michael Cohen to adult film actress Stormy Daniels in 2016.
Prosecutors claim that Trump instructed Cohen to transfer $130,000 to Daniels just 12 days prior to the 2016 presidential election, aiming to suppress any disclosure of their purported sexual relationship.
Before Donald Trump was voted into the White House, outside of New York City, Michael Cohen wasn’t a well-known figure. However, that changed after 2016 and the subsequent scandals that have plagued the 45th US president. His role as Trump’s lawyer and fixer threw him into the national limelight and got him into legal hot water.
Prior to his legal troubles, he had made a substantial fortune working as a lawyer and through investments. It’s estimated that he had a net worth in excess of $100 million according to Celebrity Net Worth. Much of his fortune was generated through his ownership of over 200 New York City taxi medallions.
In addition, Cohen owns a number of valuable real estate holdings and other properties that added to his annual income on top of his $1 million yearly salary from the Trump Organization.
However, after his legal issues began his finances took a turn for the worse. Current estimates of his net worth place him in the negative territory, and not by a little... by around $1 million. While his legal issues relate to his work for the Trump organization, he has had to cover his own legal expenses throughout his numerous legal proceedings.
In 2018, Cohen was sentenced to three years in prison for his part in the hush money payment scheme to adult film star Stormy Daniels.
Where does Michael Cohen’s wealth come from and where did it go?
Each one of the NYC taxi medallions, licenses for New York City cabs, used to be worth over a million dollars. However, with the advent of ride-share platforms, the value has taken a nose dive, and today are worth around $100,00 each.
As of 2018, Cohen owned Manhattan real estate that delivered close to $1 million in net revenue per year. Reportedly, his companies owned two buildings and a number of apartment units in Trump buildings around the country, including a $9 million penthouse in Trump Park Avenue.
However, he’s been hemorrhaging money due to legal bills to the tune of over $100,000 per month which he reportedly told a colleague are “bankrupting him”. And Cohen’s trouble could worsen now that Trump has sued him for $500 million for allegedly breaching attorney-client privilege.
The exact amount that he received for his tell-all book about Trump, “Disloyal”, hasn’t been confirmed but the Washingtonian reported that it was around $1.5 million. The book has sold over a million copies, and his second book, ‘Revenge: How Donald Trump Weaponized the US Department of Justice Against His Critics’ also made it to the best sellers list. Cohen is also reportedly on the hook with the IRS for $1.4 million.