President Donald Trump has dropped to the 766th spot on the annual Forbes list of billionaires, with his trophy properties in Midtown Manhattan responsible for much of the drop.
Trump is currently worth $3.1 billion, Forbes estimates.
His $400 million estimated drop in worth is caused in large part by his heavy weighting in New York real estate.
His rival Jeff Bezos took the No. 1 spot, with an estimated net worth of $112 billion.
About half Trump’s worth, $1.5 billion, is tied up in New York real estate, which has taken a hit.
Trump’s $345 million stake in Trump Tower has taken a $41 million hit, according to Forbes, citing declines in retail values
His $345 million stake in Trump Tower, for example, has taken a $41 million hit, Forbes estimates, due to retail challenges.
The tower’s 5th Ave. Gucci store in the building where Trump keeps a penthouse apartment pays an estimated $21 million in annual rent.
The retail lease on 57th street where Niketown has been a tenant took a big hit, down $137 million to $228 million. Nike is moving out, and it could be hard to find the right tenant.
Other properties could help make up the difference, with his stake in 40 Wall Street rising by $32 million.
Trump is now the 766th richest person, down from 544th place last year
WHY IS THIS MAN SMILING? Trump rival Jeff Bezos topped the list. Trump dropped to 766th place
Trump International Hotel Washington DC beat expectations to make a $2 million profit at the start of 2017. But its paper value dropped by $51 million as Trump drained an account for construction costs
JUST RENT IT: Nike plans to leave the 57th st. address of its Niketown store in Mid-town
The downtown building once was home to Trump University – a failed venture that required Trump to lay out $25 million last year in a financial settlement with students who claimed they were ripped off.
The analysis values his golf clubs at $500 million, his non-New York City real estate at $560 billion, and his cash and personal assets at $290 million.
The publication estimates the Trump International Hotel Washington DC – the focus of a federal lawsuit charging he violated the Constitution’s ‘Emoluments Clause’ –dropped by $51 million as Trump drained an account for construction costs.
The Atlantic Ocean is seen adjacent to President Donald Trump’s beach front Mar-a-Lago resort the day after Florida received an exemption from the Trump Administration’s newly announced ocean drilling plan on January 11, 2018 in Palm Beach, Florida
Donald Trump practices his swing at the 13th tee of his new Trump International Golf Links course on the Menie Estate near Aberdeen, Scotland, Britain June 20, 2011
Trump’s branding business took a hit, and Trump licensing is now is valued at just $6 million
Trump’s two planes and three helicopters are valued at $30 million. But taxpayers pay for his rides on Air Force One
Trump Building at 40 Wall Street is a 71-story neo-gothic beautiful high rise with green roof. It is valued at $395 million with Trump’s debt subtracted, and and its value rose by $32 million from last year
His branding deals are valued at $170 million, a drop of $50 million, just days after a confrontation in Panama resulted in his name being taken off a Trump-managed building there.
Trump’s 11,000 square foot apartment atop Trump Tower is again valued at $64 million.