President Trump has insisted without evidence that he is worth more than $10 billion, but as his New York towers fail to hit their appraisal expectations, Bloomberg Politics writes the president's net worth has slipped to $2.9 billion from Bloomberg's calculation of $3 billion last year.
The decrease is driven mostly by a drop in the value of three office properties in Manhattan, where financial data compiled by Trump's lenders offer a consistent picture: They're underperforming appraisals conducted when Trump was issued loans. The buildings — 40 Wall Street, Trump Tower, and 1290 Avenue of the Americas, a tower in which Trump holds a 30 percent stake — are victims of a changing New York office market, where gleaming new skyscrapers are attracting tenants and demand for space in vintage properties is falling. [Bloomberg Politics]
Bloomberg Politics notes that "the decrease in the value of the three towers was almost offset by successes in other corners of Trump's empire," with "his portfolio of liquid assets, including cash, [jumping] to $230 million from $170 million."
Separately, records released last week show Trump holds mortgages of a minimum of $50 million on Trump Tower, 40 Wall Street, and Trump National Doral Miami. "He also owes millions of dollars on properties in Chicago, Florida, and Washington, D.C.," NPR writes.
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Trump has dismissed reports on his net worth, which aren't in alignment with his $10 billion boast, as "stupid."
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