Trump’s Net Worth Has Dropped $600 Million In The Last Year
President Donald Trump’s net worth has dropped by almost 20% since last September, falling by an estimated $600 million to ‘just’ $2.5 billion in the space of a year.
The coronavirus pandemic has significantly hurt the sectors in which the President holds his greatest assets; for example, his various hotels and golf resorts.
Values for office buildings in the US have skydived, as have values for hotels. Hotels in big cities are being particularly affected, and with President Trump owning establishments in cities such as Las Vegas and Chicago, it would appear he has felt the impact.
President Trump reportedly has substantial debt against his properties in Washington DC and Chicago, while his Miami golf resort Doral – worth an estimated $28 million, after taking mortgages into account – is down by 80% since last year.
As reported by Forbes, this financial blow places him at No. 339 on The Forbes 400, falling 64 places in the space of a year.
The drop reportedly marks the steepest decline in President Trump’s fortune since the Bloomberg Billionaire’s Index started tracking his fortune back in 2015.
It would appear President Trump was already seeing losses well before the beginning of the pandemic, with Bloomberg reporting that ‘full-year 2019 financials provided to his lenders showed revenue down and expenses up at his office properties well before the virus pain set in’.
The sharp decline reportedly began with decreased income throughout the Trump Organization’s portfolio of office buildings, a problem that was further compounded by the impact of the pandemic on property markets over the past few months.
Some of the most significant knocks to President Trump’s net worth include declines to the value of his 40 Wall Street office building, as well as to Trump Tower on New York’s Fifth Avenue and properties jointly owned with Vornado Realty Trust.
President Trump also saw his golf courses lose value, with fewer younger people said to be taking up the sport.
However, there are some positive financial areas for President Trump, with his branding and licensing companies having generated tens of millions dollars in 2019.
According to Bloomberg, early offers for his Washington hotel demonstrate ‘investor appetite for the asset’, despite bids being notably lower than the $500 million originally sought by the Trump family. President Trump reportedly pays an annual $3 million to the federal government to use the property.
President Trump first entered the White House with a net worth of $3 billion, having claimed at the time to be worth $10 billion.
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CreditsForbes and 1 other
Bloomberg Billionaires Index