President Trump’s wallet took a $600 million hit this year over last — as he dropped from 156th place in 2016 on Forbes magazine’s annual list of the wealthiest Americans to 248th this year.
The president’s net worth fell from $3.7 billion to $3.1 billion, the magazine reported on Tuesday, saying it arrived at that figure after “months of digging through financial disclosures and public property records and conducting dozens of interviews.”
Declines in real estate prices, the settlement of the fraud lawsuit against Trump University and declining numbers of visitors at some of his golf resorts all contributed to the drop-off, the magazine said.
Trump’s real estate portfolio, which includes many properties in the Big Apple, took the biggest hit.
The drop in value at some of his Manhattan properties, especially those on or close to Fifth Avenue, cost him about $400 million.
His golf courses in Miami, Ireland and Scotland also lost value as people — possibly offended by Trump’s behavior — stayed away.
Trump’s cash on hand is also down to about $100 million since 2016 after he spent $66 million on his campaign and coughed up $25 million settling a lawsuit over Trump University.
Some Trump’s properties rose in value in the past year, including the hotel-condo tower in Las Vegas that he owns with fellow Forbes 400 member Phil Ruffin and his minority stake in a downtown San Francisco office building, which still benefits from the hot real estate market in the Bay area, according to the report.