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Forbes: Donald Trump's net worth drops $600 million

An American Flag hangs in the window of Trump Tower on Fifth Avenue in New York City on August 31. Forbes said Tuesday the value of the tower and most of Trump's holdings fell $600 million since last September. Photo by John Angelillo/UPI
An American Flag hangs in the window of Trump Tower on Fifth Avenue in New York City on August 31. Forbes said Tuesday the value of the tower and most of Trump's holdings fell $600 million since last September. Photo by John Angelillo/UPI | License Photo

Sept. 8 (UPI) -- President Donald Trump's net worth is down $600 million since last September, mostly because of the coronavirus, to $2.5 billion, according to Forbes.

The drop in net worth moved Trump down 64 spots on The Forbes 400 list to No. 339, the magazine said.

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Travel-related businesses like office space, hotels and golf courses -- properties like those Trump is invested heavily in -- have all been affected significantly by the pandemic.

"Values for office buildings have plummeted," Forbes said. "Same with hotels, particularly ones in big cities. Trump has significant debt against his properties in D.C. and Chicago, both of which appear to be underwater these days. Doral, his golf resort in Miami, is worth an estimated $28 million, after accounting for its mortgages, down 80% in a year."

The value of Trump Tower, for example, is down $70 million to $167 million. Trump International Hotel in Las Vegas is down $10 million to $59 million; Trump International Hotel in Washington D.C. is down $66 million to a negative $2 million; and Mar-a-Lago down $10 million to $180 million.

Value in Trump's 10 U.S. golf courses is down $10 million to $181 million. Trump's sons Donald Jr. and Eric Trump have been serving as executive vice presidents in their father's absence.

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