March 7, 2018
While previous presidents used the office to enrich themselves, President Trump is sacrificing hundreds of millions of dollars of his personal wealth by trying to save America.
One year after taking office, President Donald Trump’s fortune is down an estimated $400 million to $3.1 billion on the latest Forbes World’s Billionaires list. His net worth remains even from the most recent Forbes 400 list of the richest Americans, released in October. What caused the year-over-year decline? Markets are partially to blame—retail real estate in New York City continues to struggle—but the president’s polarizing personality is costing him business as well.
The rise of e-commerce has pushed down the value of properties like Trump Tower, which sits in the heart of shopping mecca Fifth Avenue in New York City. Forbes estimates that the value of Trump’s most famous building declined $41 million in the last year.
Just around the corner, the president’s property at 6 East 57th Street has suffered even more. Piling onto the market challenges, longtime tenant Nike announced it is vacating the space this spring. That leaves the Trump Organization in need of a new occupant at its roughly 65,000-square-foot property. “I don’t know of any tenants that need that much space other than department stores,” said Manhattan real estate broker Eric Anton. “And I don’t think there are any expanding department stores.”
The president’s golf properties have been less affected by market shifts, but they seem more susceptible to political currents. Three of the president’s largest golf clubs are in states that voted for him, and revenues appear to be up more than 5% at all of them. The reverse happened in places where Trump lost to Hillary Clinton, with sales down an estimated 4% in the northeast and Los Angeles. Revenues are also down in Scotland, where the president owns two golf clubs.
…Shortly before Trump became president, his lawyer promised no new foreign deals while Trump was in office, effectively shutting down one potential avenue for growth. Months later, the Trump Organization announced plans for two new domestic brands, named Scion and American Idea. So far, they have only announced four deals. “I just think it’s an impossible mission,” says one hotel expert.
Contrast Trump losing money with the Clintons becoming fabulously wealthy despite producing nothing of value:
That doesn’t even include the hundreds of millions which was funneled through the Clinton Foundation.
You don’t have to agree with everything Trump does to recognize he’s a different type of politician.
This article was posted: Wednesday, March 7, 2018 at 6:43 am