Analysis: President’s net worth slips to $2.8 billion

President Donald Trump’s net worth slipped to $2.8 billion, a decline of $100 million over the past year, as revenue at his namesake Fifth Avenue tower and golf courses fell.

The drop, the second in two years, 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 Trump’s wealth in 2015. The biggest declines, totaling $220 million, came from adjacent buildings in midtown Manhattan: 6 E. 57th St., which previously housed a Niketown store, and Trump Tower, where lower occupancy resulted in less income.

The Trump Organization’s 16 golf and resort properties also dropped in value, by $70 million, as revenue fell at some courses and gained at others. Losers included Trump’s Doral, Palm Beach and Mar-aLago clubs in Florida, while 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 about $650 million, based on lower valuations across the industry.

Amanda Miller, a spokeswoman for The Trump Organization, 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 neighborhoods. The declines were mostly offset by gains elsewhere in Trump’s empire. Office towers in New York and San Francisco that Trump coowns with Vornado Realty Trust grew in value to $575 million from $500 million. Net income at the New York building at 1290 Sixth Ave. surpassed $95 million last year, its highest since 2013, according to data filed by Vornado to the property’s lenders.

The Trump International Hotel in Washington, a magnet for lobbyists, conservative politicians and foreign governments, posted $40 million of revenue in its first full year of operation. That increased its value by $30 million, to $100 million, based on sales multiples for similar hotel operators.

When Trump announced his candidacy in 2015, his campaign said he was worth $8.7 billion. He later said he was worth more than $10 billion.