President Donald Trump’s businesses lost $100 million over the past year, with revenues sinking at Trump Tower and his golf courses — though he’s still a billionaire with a net worth of roughly $2.8 billion.
The drop, his second in two years, was based on figures compiled by the Bloomberg Billionaires Index from lenders, property records, annual reports, market data and a May 16 financial disclosure, the news service reported.
During the same period, his once-hugely marketable brand has also taken a hit as assorted scandals and controversies prompted the owners of buildings from Manhattan to Toronto and Panama to strip his name from the edifices.
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 had 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 grew at others.
Losers included Trump’s Doral, Palm Beach and Mar-a-Lago 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.
Trump Organization spokeswoman Amanda Miller said the numbers don’t tell the whole story.
“The location of a property affects the rents it can achieve,” she said in an email to the news service.
Bloomberg’s methodology reduces “the value of our prime New York real estate assets,” she said.
The declines were mostly offset by gains elsewhere in Trump’s empire. Office towers in New York and San Francisco that Trump co-owns 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.