President Donald Trump makes remarks prior to signing an Executive Order on health care, in the Roosevelt Room of the White House, October 12, 2017, in Washington, DC. The order will offer alternatives to the Affordable Care Act, also called Obamacare, after Congressional plans were stalled. Photo by Mike Theiler/UPI |
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Oct. 17 (UPI) -- President Donald Trump fell dozens of spots on the Forbes 400 wealthiest Americans list after his wealth decreased by $600 million last year, the magazine reported Tuesday.
With an estimated $3.1 billion net worth, Trump ranks 248th on the list, which is 92 spots lower than last year. A major reason for the slide is a decrease in value among Trump's largest source of wealth -- the New York City real estate market. Values among retail and office property there fell this year, taking a $400 million hit to Trump's assets.
Forbes reported Trump also personally spent $66 million funding his winning presidential campaign and an additional $25 million settling his Trump University lawsuit.
The value of Trump's golf properties in Miami, Ireland and Scotland also have decreased, according to the magazine, which said "would-be guests stayed away, apparently offended by the president's politics and bombast."
However, Trump's real estate assets in Las Vegas and San Francisco both increased in value this past year.
Forbes said it estimated Trump's net worth through months of reporting and interviews, in part because the president has never released his tax forms.
Trump's New York City real estate portfolio, including Trump Tower, is estimated to be worth $1.6 billion; his non-New York City real estate is valued at $500 million; golf courses and clubs are worth $570 million; and Trump's branding business, which includes leasing the Trump name out to hotels not owned by the president, is worth $200 million.
Trump also has an additional $290 million in cash and personal assets, the magazine reported.
