What is Donald Trump’s net worth? It’s not as huuuuge as it used to be

Donald Trump’s office properties aren’t bringing in as much cash as banks that loaned him money had expected.

That’s the biggest finding in an updated assessment of the president’s net worth, which has slipped to US$2.9 billion, according to the Bloomberg Billionaires Index, down from US$3 billion a year ago. The calculation, five months after Trump’s inauguration, relies on figures compiled from lenders, mortgage documents, annual reports, market data and a new financial disclosure released June 16.

The decrease is driven mostly by a drop in the value of three office properties in Manhattan, where financial data compiled by Trump’s lenders offer a consistent picture: They’re underperforming appraisals conducted when Trump was issued loans. The buildings - 40 Wall Street, Trump Tower, and 1290 Avenue of the Americas, a tower in which Trump holds a 30 per cent stake - are victims of a changing New York office market, where gleaming new skyscrapers are attracting tenants and demand for space in vintage properties is falling.

The Bloomberg calculation, which previously relied in part on banks’ estimates and appraisals, is now based solely on the three properties’ actual financial results disclosed by managers of mortgage-security trusts that hold Trump debt. The present value of the three properties has been revised down by a combined US380 million.

Allen Weisselberg, chief financial officer of the Trump Organisation, and Jeffrey McConney, the company’s controller, didn’t respond to emails detailing Bloomberg’s methodology. An outside spokeswoman didn’t return calls for comment. Hope Hicks, a White House spokeswoman, didn’t respond to emails.

The decrease in the value of the three towers was almost offset by successes in other corners of Trump’s empire. His portfolio of liquid assets, including cash, has jumped to US$230 million from US$170 million following condo sales and other payouts from the Trump International Hotel Las Vegas, as well as the sale of a Manhattan penthouse apartment. He sold most of his stock portfolio last summer, a spokesman said in December.

Trump’s companies received new licensing fees for branded projects in Vancouver and Kolkata, the financial disclosure shows. On an annualised basis, revenue at his 16 golf and resort properties rose 3 per cent. Mar-a-Lago, which Trump has visited frequently since the election, saw a 25 per cent jump in sales. The properties now have a combined value of US$720 million, up from US$710 million, according to the index, an increase damped by declining multiples for golf course properties.