Donald Trump net worth drops to $4.8 B - Forbes

While Republican Party nominee Donald Trump keeps his tax returns away from public scrutiny, Forbes magazine discovered that the real estate mogul’s wealth has decreased in value.

According to Forbes, Trump’s net worth is estimated at US$3.7 billion (AU$4.8 billion), which is US$800 million (AU$1 billion) lower than his fortune last year.

The devaluation is primarily because of the softening of the real estate market in New York, particularly retail and office space, where Trump’s core business rests. In coming up with the valuation report, Forbes scrutinised the billionaire’s 28 assets, 18 of which have reportedly declined in value.

The losers include the Trump Tower on 5th Avenue, 1290 Avenue of the Americas, Niketown, the Trump Building on 40 Wall Street, the Trump Park Avenue, the Trump World Tower, the Trump Plaza, the Trump Tower Penthouse, Seven Springs in Bedford, New York, Trump Chicago, Trump International Hotel in Washington D.C., Trump International Hotel Las Vegas, Mar-a-Lago, a private beachfront club in Palm Beach, Florida, 10 golf courses in six states plus District of Columbia and three golf courses in Scotland and Ireland.

Trump’s liquid cash assets decreased by US$97 million (AU$126 million). His hotel management and licensing business dropped in value by US$229 million (AU$298 million) while his consumer product licensing business fell by $8.75 million (AU$11.4 million). His fleet of aircrafts also declined in value by $27 million (AU$35 million).

Trump assets, businesses

On the other hand, seven assets rose in value. The gainers include the Trump Parc East and Trump International Hotel and Tower in New York, 555 California Street in San Francisco, Trump National Doral Miami and two Palm Beach residences in Florida, 809 N. Canon Drive in Beverly Hills, Los Angeles.

Unlike the other assets, Trump’s Winery in Charlottesville, Va., maintained its US$30 million value (AU$39 million).

Despite being busy in his race to the White House against archrival Hillary Clinton, Trump managed to buy assets during the campaign. The addition to his fortune include the US$3.5 million (AU$4.5 million) Stark Industrial Park in Charleston, South Carolina, and a 4 percent stake in Spring Creek Towers in Brooklyn valued at US$25 million (AU$32.5 million).

During the first presidential debate held in New York, Trump said he would publish his tax returns as soon as the Internal Revenue Service audit is finished. It is unclear whether or not Trump’s tax returns will become public before the Nov. 8 presidential election. (Read: Hillary Clinton, Donald Trump face off to lure voters; 7 highlights you need to know about the first presidential debate)

Earlier, a war veteran launched an online campaign to compel Trump to be transparent with his taxes. A LinkedIn executive threw support on the campaign and pledged donation to non-profit organizations assisting military veterans if Trump releases his tax returns before the next US president is elected to office. (Read: LinkedIn exec offers to donate as much as $6.5 M if Trump shows tax returns)