Republican presidential candidate Nikki Haley boosted her net value eight-fold — to $8 million — after leaving the Trump administration by giving paid speeches, writing books, and doing corporate consulting — partly in an effort to dig her parents out of crushing financial debt.
In 2018, Haley, the 51-year-old former governor of South Carolina, had a net value of lower than $1 million when she stepped down as then-President Donald Trump’s top envoy to the United Nations.
On the time, her parents — Ajit and Raj Randhawa — owed greater than $1 million and were susceptible to having their Lexington, S.C., home repossessed, in line with Forbes.
Haley had lower than $100,000 in her bank accounts while she was knocking down a salary of $185,000 per 12 months — making it difficult to assist her parents, Forbes reported.
The Randhawas were drowning in debt.
In 2000, they bought a 5,500-square-foot home near Lexington for $1.15 million — using a $920,000 loan from Bank of America to make the acquisition, in line with Forbes.
Three years later, Haley’s parents took out a $765,000 mortgage to assist pay for a Lexington strip mall, which cost $1.3 million total.
In 2012, Haley’s father took out a second mortgage — increasing the debt load to $1.1 million against the strip mall.
At around the identical time, it’s believed that Raj Randhawa’s clothing business, Exotica International, went under.
Haley worked as her mother’s chief financial officer before embarking on a political profession that began in 2004, when she was elected to the South Carolina House of Representatives.
In 2010, Haley was elected governor, making her a national figure. She parlayed her stature right into a $475,000 advance for her first book, “Can’t Is Not An Option,” which was published by Penguin Books.
In 2014, Haley and her husband, college sweetheart Michael Haley, took out a $400,000 loan which they gave to her parents — using the parents’ home and the strip mall as collateral.
In 2017, the 12 months Haley was picked by Trump to be US ambassador to the UN, Haley’s parents stopped paying back the loan from Bank of America on their home.
That very same 12 months, the Randhawas sold the strip mall to an LLC created by their son-in-law, Michael Haley, for $5 “and love and affection” — meaning that effectively the Haleys were assuming the $1.1 million of remaining debt against the property.
In November of that 12 months, Bank of America began foreclosure proceedings, serving court documents to the Haleys, who were junior lenders on their Lexington home, in addition to to her parents, in line with Forbes.
A Bank of America representative tried to serve the 2 couples with papers, but there was no one to receive them.
Once they tried to serve then-Ambassador Nikki Haley on the US Mission constructing on the United Nations, a security guard turned them away, in line with Forbes.
In January 2018, Michael Haley’s LLC, Ikor Systems, sold the strip mall to a developer for $1.3 million.
That very same month, Nikki Haley released the mortgage against the strip mall.
In June of that 12 months, Haley had the mortgage against her parents’ home canceled as well. It is just not consider that she was paid back the $400,000 that she loaned her parents.
Bank of America dismissed Haley from the foreclosure proceedings, but she still needed to assist her parents, who were in peril of losing their home.
Three months after her parents were served court papers, Haley quit the Trump administration.
Eventually, a court ordered her parents’ home to be sold at auction.
The house went for $863,000 — some $300,000 lower than what they paid in 2000.
Haley began giving paid speeches in 2019.
Last 12 months alone, she made a minimum of 11 appearances — leading to a complete haul of $2.3 million, in line with Forbes.
In 2019, she authored a memoir that has sold over 100,000 copies.
Last 12 months, she wrote one other book that included a $350,000 advance from the publisher.
That very same 12 months, Haley took out a $1.9 million mortgage to purchase a four-bedroom, 5,700-square-foot home for $2.4 million on Kiawah Island in South Carolina.
Since then, the worth of the property has doubled to around $4.7 million, in line with Forbes.
Haley has also made greater than $700,000 in consulting fees in addition to greater than $300,000 in money and stock from aerospace giant Boeing, which appointed her to the board of directors in 2019.
Haley stepped down from Boeing’s board in 2020.
She can also be a director for United Homes Group, which has paid her greater than $250,000 — a sum that doesn’t include future equity grants and other perks, in line with Forbes.
The Post reached out to Haley for comment.