Trump Falls 300 Spots In Forbes’ Billionaire Ranking, Losing A Third Of Wealth In 4 Years
Former President Donald Trump has fallen 300 spots on the Forbes billionaires list – going from No. 1,001 to No. 1,299 in just a year.
Trump’s fortune has fallen by nearly a third since he first entered the Oval Office – dropping from $3.5 to $2.4 billion, a loss that can be attributed to his refusal to divest his assets. Had he taken a different route, the 74-year-old businessman would be about $1.6 billion richer than he is today.
Nonetheless, Trump is still richer than he was at the start of the pandemic, with four of his properties reporting significant gains in the past year. However, a few of Trump’s properties have also decreased in value significantly since the start of his presidency.
For example, one of Trump’s properties, 6 East 57th Street, has a net value of $148 million, but lost over $200 million during his presidency. Some may blame this loss on the rise of online shopping, in addition to retailers like Nike abandoning the building.
This 65,000-square-foot Fifth Avenue space isn’t the only one of Trump’s properties that’s been floundering recently. 40 Wall Street, valued at $304 million, lost almost $200 million during Trump’s presidency and owes $137 million in debt. Furthermore, the property plummeted 32% in value in 2020.
On the other hand, Trump’s out-of-state real estate appears to be faring slightly better. Mar-a-Lago, one of Trump’s most well-known and historic properties, located in Palm Beach, Florida, increased in value by $75 million during Trump’s presidency. The property, holding a current net value of $250 million, also became a site of refuge for many Northerners seeking to escape the realities of the coronavirus pandemic.
In addition, 555 California St., located in San Francisco, also increased in value during Trump’s presidency – by over $100 million. Additionally, Trump’s stake is currently valued at $1.9 billion, making this building his most valuable property.
Unlike these notable successes, Trump’s Hotel Management & Licensing business has not proven to be quite so valuable for the former president. In fact, several licensees have attempted to distance themselves from the Trump name.
Moreover, the Trump National Doral golf resort’s revenue decreased by over 40% within the past year. The Trump Organization is rumored to be in the process of converting this property into a casino.