Saturday, 2 June 2018

US President Donald Trump's businesses lost $100 million over the past year

In 2005 Donald J. Trump unsuccessfully sued an author who stated that he was not as rich as he claimed to be.

The author had written that Trump was only worth between $150-$250 million.

Over a decade later and his 2016 claim of a fortune in excess of $10 billion is looking a lot like delusional thinking.

The latest assessment is that Trump's net worth is around $2.8 billion, down from $2.9 billion in 2017.

If he continues to lose money at this rate he will probaly leave office a lot poorer than when he came in.

The New York Post31 May 2018:

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 stripped his name from their buildings.

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 gained 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……

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