Trump getting poorer, says Bloomberg
President Donald Trump’s net worth slipped to $2.8 billion, a decline of $100 million (R1.2 billion), over the past year as revenue at his namesake Fifth Avenue tower and golf courses fell.
The drop is based on figures compiled by the Bloomberg billionaires index from lenders, property records, annual reports, market data and a May 16 financial disclosure. It occurred as Trump began his second year in the White House and his name was stripped from buildings in Toronto, Manhattan and Panama.
The most recent estimate, down from $2.9 billion last June, is the lowest since Bloomberg began tracking his wealth in 2015. The biggest declines, totalling $220 million, came from adjacent buildings in midtown Manhattan: 6E 57th Street, which previously housed a Niketown store, and Trump Tower, where lower occupancy resulted in less income.
The Trump Organisation’s 16 golf and resort properties also dropped in value by $70 million as revenue fell at some and gained at others. Losers included Trump’s Doral, Palm Beach and Mar-a-Lago clubs in Florida. His courses in Scotland and Ireland posted revenue gains.
Annual reports for those overseas properties, which have historically lost money, are expected later this year and will show whether they were profitable.
Overall, the clubs are now worth $650 million, based on lower valuations across the industry.
Amanda Miller, a spokesperson for the Trump Organisation, took issue with Bloomberg’s use of some borough-wide real estate data in estimating the value of Manhattan properties, arguing that Trump’s buildings are in desirable neighbourhoods. “The location of a property affects the rents it can achieve,” she said in an e-mail. Bloomberg’s methodology reduces “the value of our prime New York real estate assets”.
The president’s own estimates of his net worth are frequently higher than independent appraisals. When Trump announced his candidacy in 2015, his campaign said he was worth $8.7 billion. After Bloomberg first assessed his net worth that year at $2.9 billion, he described it as “a stupid report”. He later said he was worth more than $10 billion.
Trump’s worth could be higher than estimated if he owns assets or has received payments that aren’t publicly known, or if he sells properties at values above market averages. It could be lower if he has undisclosed debts or partners or if companies for which only topline revenue figures are reported are unprofitable.
The location of a property affects the rents it can achieve
Amanda Miller Spokesperson for the Trump Organisation