The rich don’t always get richer. In the last year, the average net worth of the world’s billionaires fell from $4.1 billion to $4 billion, helping boost Donald Trump from the 766th-richest person in the world to the 715th-richest.
That doesn’t mean his business has been steady. At the heart of the president’s empire, in midtown Manhattan, Trump Tower and neighboring 6 East 57th Street together lost an estimated $64 million in value. Gucci’s lease at Trump Tower expires in seven years, according to a document obtained by. With e-commerce continuing to take customers from brick-and-mortar locations, it’s hard to see how Trump will sign a new agreement as lucrative as his current one.
Nike vacated 6 East 57th Street last year. Fortunately for the president, he is still collecting rent. Jewelry giant Tiffany is covering some of the cost by subleasing from Nike, and the shoe-and-apparel maker’s new landlords are making up the difference, according to a source familiar with the deal.
The value of Trump National Doral Miami, the commander-in-chief’s highest-grossing golf property, dropped an estimated $26 million over the last year.The golf resort, which had previously drawn much of its clientele from the left-leaning Northeast, lost 100,000 booked room nights after Trump won the election, according to a source who knows the business.
There are bright spots in the president’s portfolio. His 30% stakes in two skyscrapers, 1290 Avenue of the Americas in New York City and 555 California Street in San Francisco, are up an estimated $160 million in the last year. Trump owns both buildings alongside publicly traded Vornado Realty Trust. In Las Vegas, the president disclosed a loan tied to the Trump International Hotel shortly before the 2016 election.
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