Michael Cohen Net Worth: 5 Fast Facts You Need to Know

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michael cohen net worth

Michael Cohen, President Trump’s personal lawyer, said he paid Stephanie Clifford, the pornographic film actress better known as Stormy Daniels, $130,000 out of his own pocket. Clifford has claimed to have an affair with Trump, something Trump and Cohen have denied.

Cohen is believed to be worth $10 million, mostly from investments in taxis and real estate. The Wall Street Journal first broke the story about the $130,000 payment, but Cohen confirmed it on Tuesday, February 13.

Cohen is an attorney and spokesperson for President Trump, and was previously Executive Vice President of the Trump Organization and Co-President of Trump Entertainment.

Here’s everything you need to know:

1. He’s Worth About $10 million, Mainly from a Taxi Empire

Cohen has a law degree from the Thomas M. Cooley Law School, and though he makes around $731,000 including base pay and bonuses, most of his fortune comes from New York City taxis. He owns more than 15 taxi companies. The taxi medallions for his companies were managed by Gene Friedman, but after a series of lawsuits he is no longer allowed to manage medallions in New York City.

Trump lawyer Michael Cohen owes nearly $40G in unpaid taxes related to NY taxi businesses https://t.co/RrS1ZB06o9 @danrivoli @ReuvenBlau

— Dan Janison (@Danjanison) August 8, 2017

Taxis in New York have hit hard times because of ride sharing services like Uber and Lyft, but Cohen put money into them early enough to make millions.

“He’s been very successful,” said Steve Witkoff, CEO of Witkoff, “I’m sure he got in early.”

2. Like His Boss, He Invests In Real Estate

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Much of the rest of Cohen’s money comes from investing in real estate, just like Donald Trump. He owns a building called Stonehenge 63, on the Upper East Side of New York City. He bought it for $58 million in 2015. Also in 2015, he sold three rental buildings for a combined $9.25 million, and in 2014 he sold a rental building for $10 million.

Cohen bought a Trump World Tower apartment in 2001. His parents also bought an apartment in the building. Later, he bought space at Trump Palace and Trump Park Avenue. This investment in Trump properties is what drew Donald Trump to Cohen in the first place. He was recommended as an attorney by Donald Trump Jr., who had met him through his apartment investments.

“He has invested in my buildings because he likes to make money – and he does,” Trump told the New York Post in 2007. “In short, he’s a very smart person.”

3. He Paid Clifford Out of His Own Pocket, and Says He Was Not Reimbursed

SCOOP > Michael Cohen, lawyer for Trump, says he paid $130k to Stormy Daniels from his own pocket. Says he told FEC that in response to complaint from Common Cause https://t.co/WuheFcLcbB

— Maggie Haberman (@maggieNYT) February 14, 2018

Cohen paid Clifford $130,000 in 2016. He says neither the Trump campaign nor the Trump Organization were …read more

Source:: Heavy.com

      

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