Despite setbacks, Trump’s net worth rises to $3B
NEW YORK — President Donald Trump’s net worth rose to $3 billion, a 5% gain over the past year, thanks to a jump in the value of an office-building deal he once sued to prevent.
The increase in Trump’s wealth reverses two years of declines and brings his net worth back to 2016 levels, according to figures compiled by the Bloomberg Billionaires Index from lenders, property records, securities filings, market data and a May 16 financial disclosure. It comes despite setbacks at his family company, including the cancellation of two new hotel chains and reduced business at his Mar-a-lago resort in Florida and seven golf courses.
Trump’s higher net worth shows how reliant his wealth has become on Steven Roth, a friend who leads Vornado Realty Trust. Trump’s 30% stake in two Vornado properties — 1290 Ave. of the Americas, a 2.1 million square foot tower in midtown Manhattan, and 555 California St., a 1.8 million square foot office complex known as the Bank of America Center in San Francisco’s financial district — accounts for a quarter of his fortune. His partnership with Vornado, which owns the remaining 70%, resulted from a chain of real estate transactions that Trump once sued to block.
Accepting the deal has proven lucrative. Over the past year, Trump’s stake in the two properties has surged to $765 million, a 33% increase from the previous year.
Trump’s stake in the Vornado buildings eclipses the combined value of his golf courses and resorts to become his biggest source of wealth. The value of the golf courses and clubs fell 19% to $525 million as the industry grappled with falling demand.
The value of the Trump International Hotel in Washington was little changed. Revenue rose 1% to $41 million, according to the president’s financial disclosure. But the value of the hotel fell 5% to $95 million as multiples for comparable properties declined.
Trump’s office buildings, though, continued to appreciate. Trump Tower, which has experienced lower demand for its Fifth Avenue office and residential units, is now worth $445 million, 27% more than last year.