Trump stands tall inside Mar-a-Lago on August 8, 2024, two years to the day after the FBI raided the place.Photo by Joe Raedle/Getty ImagesPolitics have long been good for Mar-a-Lago, but the president’s private club has never had a year quite like 2025.Revenues hit an all-time high of $77 million, up 55% from $50 million the previous year, according to an ethics filing the president released Tuesday. Forbes estimates that the operating profits of the property surpassed $50 million in 2025, up from $33 million the previous year.A spokesperson for the White House referred questions to the Trump Organization. Representatives of the president’s private business did not immediately respond to a request for comment. The banner year underscores just how much the Mar-a-Lago has transformed since Trump purchased it for $10 million in 1985. Once more of a trophy than a real business, things started to change in 1993, when Trump signed a deal with the town of Palm Beach to convert the private mansion into a social club.By 2014, the property generated $15 million in revenue and kicked off $2 million in operating income, according to financial records released in court. Two years later, with Trump in the throes of his first presidential campaign, revenue soared to $21 million. Profits jumped to $6 million.During a deposition that year, the president pointed to politics as the explanation. “The manager told me recently, he said, ‘Boy, it is actually the best year we’ve ever had at Mar-a-Lago.’ And I was looking at the numbers. I said, ‘What do you attribute this to?’ He said, ‘The campaign.’”More money arrived soon thereafter. Revenues climbed to $26 million in 2017, after Trump reportedly doubled initiation fees to $200,000. He made frequent trips to the club as president, referring to it as the winter White House. “Let me explain something to you,” Trump told China’s Xi Jinping over chocolate cake on one such visit, when the United States launched an attack on Syria. “We’ve just fired 59 missiles.” “After-dinner entertainment,” former Commerce Secretary Wilbur Ross later quipped.Despite such displays, revenue tapered off to about $20 million in 2020. The FBI searched the club in August 2022, finding boxes of classified information. Trump did not let that dampen the mood for long.Four months after the raid, he announced his third presidential campaign from a gold-filled room inside the property, setting in motion the same series of events that lifted the club’s finances a few years earlier. Revenues climbed to an estimated $40 million during the early stages of the campaign. They hit $50 million the year of the election, then reached record levels after Trump reassumed the throne.