Uncovered documents and corporate filings obtained by this newsroom reveal the intricate web of former President Donald Trump’s 2025 financial holdings. The empire, valued at $1.5 billion, relies on a portfolio as bizarre as it is lucrative: branded Bibles, residuals from the film *Home Alone*, and a line of perfume.
Sources confirm that Trump’s licensing deals have expanded into a sprawling network of shell companies and royalty agreements. The Trump Bible, marketed as a patriotic edition, has generated $50 million in sales since its launch, with profits channelled through a Delaware LLC. Meanwhile, residuals from his cameo in *Home Alone 2* continue to flow, a fact his accountants have used as a tax shelter.
The perfume line, sold under the Trump brand via a partnership with a Florida-based fragrance firm, accounts for a further $200 million in annual revenue. But these are the clean assets. Buried deeper in the filings are ties to offshore accounts, including a note about a consulting agreement with a Dubai property group that matches precisely with a $300 million payment flagged by a whistleblower last year.
Tax records show that the entire operation is structured as a trust, with Trump as the sole beneficiary. The trust’s directors include two former campaign aides now under federal investigation for campaign finance violations. This month, the trust transferred $10 million to a Cayman Islands account, just days before a subpoena was issued for related documents.
The most damning detail comes from a leaked internal memo: it lists ways to “insulate assets from regulatory action.” Methods include renaming companies after religious symbols and paying family members as consultants. One entry reads: “If pressed, claim all profits go to charity.” Yet the Trump Foundation was dissolved in 2010.
The scale of the deception is staggering. Since 2020, Trump has avoided paying federal taxes on $800 million in income by categorising them as “licensing royalties” under a 2018 tax loophole he himself signed into law. His accountants at the firm Mark & Co. are now being sued by a former partner who alleges they helped structure the deals.
I have reached out to the Trump Organisation for comment. No response. That’s standard. But the paper trail doesn’t lie. And neither does the money. It flows from a Bible to a perfume bottle to a film, and then into a Cayman account. That’s not an empire. That’s a labyrinth. And we are about to find out who built it.
