Trump's net worth dips for second straight year

Trump's net worth dips for second straight year

Trump's net worth dips for second straight year

President and not-divested business owner Donald Trump saw his net worth drop by around $100 million in the past year, to the lowest it's been since the campaign, according to a new report by Bloomberg.

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 stripped his name from their buildings.

The Bloomberg Billionaires Index used data from lenders, property records, annual reports, market data and Trump's financial disclosure to calculate Trump's net worth.

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Trump's 16 golf courses and resorts dropped in value by $70 million over the a year ago, according to Bloomberg, including his Mar-a-Lago Club in Palm Beach, Florida.

The Bloomberg analysis attributes the drop to falling revenue at his golf courses and resorts and Trump Tower in Manhattan. Loss leaders included Trump's Doral, Palm Beach and Mar-a-Lago clubs in Florida, while his courses in Scotland and Ireland made money. Trump's resorts are now collectively worth about $650 million, according to Bloomberg's valuation.

Trump Organization spokeswoman Amanda Miller said the numbers didn't tell the whole story. Bloomberg's methodology reduces "the value of our prime NY real estate assets".

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The declines were mostly offset by gains elsewhere in Trump's empire.

Despite Trump's overall net worth drop, the Trump Organization did have some areas of success over the previous year. Office towers in NY and San Francisco that Trump co-owns with Vornado Realty Trust grew in value to $575 million from $500 million.

While a number of Trump's properties have depreciated since he became president, the new Trump International Hotel in Washington, D.C., a haven for lobbyists and administration officials, has reported profits. Bloomberg now values the hotel at $100 million.

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