What is Michael Cohen’s net worth?

Outside of New York City, Michael Cohen wasn’t a well-known figure. However, that changed with Donald Trump entering the White House in 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.

In 2018, Cohen was sentenced to three years in prison for his part in a hush money payment scheme to adult-film star Stormy Daniels. He claims that he paid Ms Daniels at the direction of the then presidential candidate $130,000 to keep her from going public about an affair she allegedly had with Trump in 2006. The payments happened shortly before voters went to the ballot box for the 2016 presidential election.

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 that came from his stake in the ownership of over 200 New York City taxis medallions.

As well he had a number of valuable real estate holdings and other property that brought in significant annual income on top of his $1 million yearly salary from the Trump Organization. However, his finances have taken a turn for the worse and it is now estimated that he is worth negative $1 million, thanks in large part, but not solely, to his legal expenses to defend himself in numerous legal proceedings.

Where does Michael Cohen’s wealth come from and where did it go?

Each one of the NYC taxis medallions, licenses for New York City cabs, used to be worth over a million dollars. However, with the advent of rideshare platforms those have nose dived in value, worth around $100,000 each today.

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”. Those bills may increase 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 reported but the Washingtonian reported that it was around $1.5 million. It has sold over a million copies and he wrote a second book ‘Revenge : How Donald Trump Weaponized the US Department of Justice Against His Critics’ which is also a best-seller.

Cohen is also reportedly on the hook with the IRS for $1.4 million.