- Jonathan Ernst/Reuters
- President Donald Trump’s net worth dropped to $2.8 billion over the past year, according to Bloomberg.
- That’s Trump’s lowest net worth since Bloomberg’s Billionaires Index 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 net worth dropped by $100 million in the past year, Bloomberg reported Thursday, putting it at the lowest level since his presidential campaign in 2015, when Bloomberg began tracking his wealth.
Bloomberg’s Billionaire’s Index estimated that Trump’s net worth is now $2.8 billion following revenue dips at Trump Tower in Manhattan and several of his golf courses.
A plethora of reports have detailed decreased occupancy and room rates at Trump’s hotels and properties since he took office, as his polarizing policies have kept some patrons away. A few resorts have also cut ties and removed the Trump name.
Trump’s 16 golf courses and resorts – including Mar-a-Lago in Palm Beach, Florida – dropped in value by $70 million over the past year, to about $650 million, according to Bloomberg.
Despite Trump’s overall net-worth drop, the Trump Organization had some areas of success over the past year.
The Trump International Hotel in Washington, DC, 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.
The Trump Organization also saw revenue jump at its properties in Ireland and Scotland. Office towers in New York and San Francisco that Trump co-owns also grew in value over the past year.
Trump’s companies now have $30 million less in debt, lowering the total to at least $520 million, according to Bloomberg. The drop came from paying down bonds on a property at 6 E. 57th St. and loans for various retail and office spaces in New York.