Trump’s fortune has grown by $500 million to $3.1 billion since leaving office in 2021, according to the Bloomberg Billionaires Index.
Bloomberg attributes this primarily to the real estate boom in Florida, which has bolstered two of Trump’s best-known properties, Mar-a-Lago in Palm Beach and the Doral golf resort in Miami.
In addition, having sold his Washington hotel and paid down loans, Trump has more cash and less debt than at any point in the past decade, according to Bloomberg, which has been estimating Trump’s net worth since 2015.
Trump’s worth may even be higher than $3.1 billion, Bloomberg concedes, as its estimation of his real estate properties does not take into consideration the impact of the Trump brand on their values, the historical significance of some of the properties, or how their redevelopment or rezoning could significantly raise their value.
Bloomberg acknowledges that its estimates have consistently come in lower than Trump’s, and also points out that its measurements are higher than several of New York state’s claims.
According to the New York Attorney General’s lawsuit against Trump, his 2021 statement of financial condition put his wealth at $4.5 billion.
The lawsuit against the former president values the former president’s historically landmarked Mar-a-Lago Club, built by Marjorie Merriweather Post in the 1920s, at $27.6 million. In 2021, the Trump Organization said it was worth $612.1 million. Bloomberg says it’s only $240 million.
Palm Beach realtors say the 20-acre oceanfront property is worth a minimum of $300 million and potentially $500 million or more.
The court’s estimated value “was a shock to the real estate community and anybody with an understanding of the island and its values,” said Liza Pulitzer, an agent with Brown Harris Stevens and a native of Palm Beach.
Perhaps the most controversial piece of real estate being dissected in the trial is Trump’s penthouse apartment at Trump Tower, which his company valued at $131.3 million in 2021, and Bloomberg says is worth $40 million today. The court has no estimation.
Bloomberg acknowledges that nearby Millionaire’s Row on Central Park South boasts apartments starting at $100 million but says they are more up-to-date, have outdoor space, higher ceilings and better views.
Between 2011 and 2016, Trump said his penthouse was 30,000 square feet, but New York state says it is only 10,996 feet.
What the A.G. nor Bloomberg have not admitted is that New York real estate law permits developers and real estate agents to include measurements of common areas of a building, like the basement, elevator shaft, hallways, roof, etc., in an apartment’s square foot calculation.
Plus, if Trump’s penthouse were to go on the market, there would be a premium price for it because of the 45th president’s name. “There would be a Trump premium because the person that would want the property is likely to be a Trump supporter,” says Eli Beracha, director of the Hollo School of Real Estate at Florida International University.
Bloomberg also points out wide swings in real estate valuations, noting that commercial office prices have taken a hit in the past 18 months due to rising interest rates and a soft commercial leasing market. The timing of Trump’s and the A.G.'s valuations don’t take these swings — up or down — into consideration.
So, while there’s a $1.4 billion differential between Trump’s $4.5 billion claim and the Bloomberg Billionaires Index’s $3.1 billion peg, the index points out reasonable factors why Trump could be worth all that — or far more.
Further, nowhere does the article acknowledge the monumental, game-changing impact Trump has had on real estate, particularly New York real estate, since he began developing it in the 1970s.
The Bloomberg Billionaires Index valued Trump's assets using his 2021 statement of financial condition, August 2023 Office of Government Ethics and mortgage filings and market data. Properties were valued “as is,” meaning the value of potential development, including at the Doral and Aberdeen properties, wasn’t considered. Trump Media & Technology is valued using the range indicated by Trump on his ethics disclosure . Its merger with blank-check company Digital World Acquisition Co. — which values it higher — has yet to be completed.
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