- President Donald Trump’s personal net worth dropped to $2.8 billion over the last year, according to the Bloomberg.
- That’s the lowest level their Billionaires Index has measured since it started tracking his wealth in 2015.
- The $100 million drop in Trump’s net worth can be tied to revenue falling at Trump Tower in Manhattan and at his golf courses.
President Donald Trump’s personal net worth dropped by $100 million in the last year, putting it at the lowest level since 2015 during his presidential campaign, Bloomberg reported on Thursday.
Their Billionaire’s Index estimated Trump’s net worth is now $2.8 billion, following revenue dips at Trump Tower in Manhattan and several of his golf courses.
There have been a plethora of reports of decreased occupancy and lower rates at Trump hotels and properties since he took office, as his polarizing policies have kept some patrons away. A few of the resorts have also cut ties and removed the Trump name from their properties in the last year.
Trump’s 16 golf courses and resorts dropped in value by $70 million over the last year, according to Bloomberg, including his Mar-a-Lago Club in Palm Beach, Florida.
Despite Trump’s overall net worth drop, the Trump Organization did have some areas of success over the last year.
The Trump International Hotel in D.C., a property that has served as a lightning rod for Trump critics, made $40 million in revenue in its inaugural year, according to Trump’s 2018 financial disclosure form. Bloomberg now values the hotel at $100 million.
And the Trump Organization saw revenue jump at their international courses in Ireland and Scotland. Trump’s resorts are now collectively worth about $650 million, according to Bloomberg’s valuation.
Office towers in New York and San Francisco that Trump co-owns also grew in value over the last year.
Trump’s companies now have $30 million less in debt, lowering the total to at least $520 million, according to Bloomberg. The drop in debt came from paying down bonds on the Niketown store and loans for various retail and office spaces in New York.
Published at Thu, 31 May 2018 18:48:08 +0000