Trump down $400 Million on Forbes List of Richest Billionaires List
President Trump drops more than 200 spots after a year in office. His fortune slumped to an estimated $3.1 billion according to Forbes list of global billionaires.
The drop in retail real estate market in New York and the “president’s polarizing personality is costing him business,” a Forbes report announced.
Properties like the Trump Tower, which sits in the heart of the shopping mecca on Fifth Avenue in New York City, has been affected by e-commerce. Forbes estimates that the value of Trump’s most famous building declined $41 million in the last year.
The president’s property at 6 East 57th Street has suffered even more. Longtime tenant Nike will vacate the space in spring leaving the Trump Organization in need of someone to occupy the 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 Trump brand seems to be fading in markets like Toronto and New York, where investors no longer want to be associated with the Trump name. Trump’s hotel licensing and management company has dropped to an estimated $50 million in the last year. On Monday, workers reportedly pried Trump’s name off of a third tower, in Panama.
Not all is bad news for Trump
Market shifts have yet to affect the president’s gold properties. Revenues appear to be up more than 5% in Trump’s largest golf clubs. The clubs are located in states where the majority of the population voted for him. The opposite happened with sales down an estimated 4% in areas where less people voted for him (northeast and Los Angeles).
The Downtown Manhattan office space, 40 Wall Street, is Trump’s most valuable property. The space has a value of $32 million.
Real estate tycoon Steven Roth may be doing more to add to the president’s fortune than anyone else. As CEO of publicly traded Vornado Realty Trust, Roth oversees management of 1290 Avenue of the Americas in New York and 555 California Street in San Francisco, two properties in which Trump owns a 30% interest. Profits surged an estimated 15% at the New York building, and the market continues to thrive in San Francisco, boosting the value of Trump’s two holdings by a combined $71 million.
Trump is the richest president in the history of the United States. His estimated $3.1 billion fortune still keeping him afloat on the list.