Donald Trump Poor Again
Disney told him to get that Porg off his head, too.
More evidence today that Harry Reid (and, yeah, basically everyone forever) was right all along about Donald Trump inflating his net worth. Ten billion dollars? Aw, hell nah. Bloomberg reports today that Trump's actual net worth has dropped by about $100 million since last year, to around $2.8 billion now, which is still a lot of cheesy hotel rooms and taco salads, but not enough to land him a place on Bloomberg's list of the 500 richest people in the world, which has a floor of $4 billion this year.
Some reverses in the real estate market offset the big profits Trump is bringing in from his Washington trash-palace for foreign grifters. Manhattan properties near Trump Tower are bringing in less money, and retail vacancies in the Shittower are also hurting revenue. We bet the occasional deadly fire may be hurting the place's reputation, especially since prospective residential tenants have learned Trump fought and won against a city law that would have required older buildings like Trump Firetrap Tower to be retrofitted with sprinkler systems. Trump will also miss revenue from several buildings he didn't own, after they decided the Trump name was bad for business and cancelled licensing arrangements. But that's not all a loss -- the Trump Organization actually made some money back in fees from some of those cancelled branding agreements.
As for Trump's beautiful, best ever golf courses and resorts, income from those are down, too:
The Trump Organization’s 16 golf and resort properties also dropped in value, by $70 million, as revenue fell at some courses and gained at others. Losers included Trump’s Doral, Palm Beach and Mar-a-Lago clubs in Florida, while his courses in Scotland and Ireland posted revenue gains. Annual reports for those overseas properties, which have historically lost money, are expected later this year and will show whether they were profitable. Overall, the clubs are now worth about $650 million, based on lower valuations across the industry.
A spokesperson for the Trump Organization "took issue with" the method Bloomberg used for estimating the value of Trump's Manhattan properties, but don't expect to see his tax return any time soon. The article also notes that Trump has habitually overstated his net worth, because the lying media want to make him look bad:
When Trump announced his candidacy in 2015, his campaign said he was worth $8.7 billion. After Bloomberg first assessed his net worth that year at $2.9 billion, he described it as “a stupid report.” He later said he was worth more than $10 billion.
For the coming year, Trump Tower may continue to be in trouble due to reduced occupancy, as this closing paragraph of numbers porn suggests:
The building had $5.7 million of net operating income in the first half of 2017, according to the most recently available figures submitted to its lenders, putting it on track to earn $2.7 million less than it did in the previous year, when the building was 89 percent occupied. The tower’s value fell by $100 million to $350 million as capitalization rates for Manhattan office properties climbed.
Thank Crom the Trump family still has that little nest egg of billions in
the banana stand tax savings over the next ten years to cushion them, or they might have to start making skeevy foreign deals on Ivanka-Branded baby caskets or something.
In conclusion, the losers at Bloomberg are probably just jealous, so they made the whole estimate up to make their own worthless lives seem less empty.
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