The former president, who prides himself on his business acumen, refused to divest his assets upon taking office. Had he sold out in 2017 and reinvested in the market, he’d be an estimated $1.6 billion richer.
From the time he entered the White House in January 2017 to his departure a few months ago, Donald Trump’s fortune fell by nearly a third, from $3.5 billion to $2.4 billion. The S&P 500, meanwhile, increased 70%.
Every investor at some point has kicked himself for holding an asset too long. Perhaps none, however, has made such a monumental miscalculation. By refusing to divest his portfolio upon taking office, Trump bogged down his presidency with ethics issues for years, while also missing a chance to cash in on a market boom he helped propel.
If he had sold everything on Day 1, paid the maximum capital-gains taxes on the sales, then put the proceeds into a conflict-free fund tracking the S&P 500, Trump would have ended his presidency an estimated $1.6 billion richer than he is today.
As is, he is worth an estimated $2.4 billion, enough to qualify for No. 1,299 on the Forbes billionaires list, down from No. 1,001 last year. Trump is actually richer than he was a year ago, when we knocked valuations down at the start of the pandemic, but he couldn’t keep up with the other billionaires on the list, whose fortunes soared.
Below are the four Trump properties that gained the most and the two that lost the most while he was in office.
6 East 57th Street • New York
NET VALUE: $148 million
CHANGE DURING PRESIDENCY: –$217 million
Online shopping has wreaked havoc on buildings like this, a glitzy 65,000-square-foot space just off Fifth Avenue in the middle of what was once one of the busiest retail locations in the world. It hasn’t helped that Nike abandoned its five-story flagship in 2018. Tiffany, which has been subleasing Nike’s old space while its own Fifth Avenue hub is being renovated, is slated to vacate in 2022.
40 Wall Street • New York
WHAT HE OWNS: Leasehold
TOTAL VALUE: $304 million
DEBT: $137 million
NET VALUE: $168 million
CHANGE DURING PRESIDENCY: -$195 million
Profits at Trump’s Financial District tower, home to dozens of small firms, plummeted 32% during the first three quarters of 2020, the most recent period on record.
555 California St • San Francisco
WHAT HE OWNS: 30% stake in three-building complex
TOTAL VALUE: $1.9 billion
DEBT: $538 million
NET VALUE: $422 million
CHANGE DURING PRESIDENCY: +$102 million
Two of Trump’s major tenants here, Goldman Sachs and Bank of America, made a show of distancing themselves from Trump after the Capitol riot. Behind the scenes, however, both re-upped their leases in Trump’s most valuable property.
Hotel Management & Licensing
NET VALUE: $57 million
CHANGE DURING PRESIDENCY: –$163 million
Trump’s branding business didn’t benefit from four years of polarization and the January 6 Capitol riot. Several licensees have dropped the Trump name from their properties, and no one seems eager to step in and replace them. “He has done permanent damage to the Trump name and image, at least for two or three decades,” concludes real estate analyst Kevin Brown.
Trump National Doral, Miami
TOTAL VALUE: $135 million
DEBT: $125 million
NET VALUE: $10 million
CHANGE DURING PRESIDENCY: –$160 million
Business at this golf resort was already bad before the pandemic. Then revenue plunged more than 40%. With $125 million of Deutsche Bank debt coming due in 2023, rumors are circling that the Trump Organization may consider turning the property into a casino.
Mar-a-Lago • Palm Beach, Florida
NET VALUE: $250 million
CHANGE DURING PRESIDENCY: +$75 million
When the coronavirus hit, northeasterners flocked south and Floridians stayed put. Huge demand and limited supply were welcome news for the state’s homeowners, including Trump. He bought the Palm Beach club, where he decamped after leaving D.C., in 1985 for about $10 million: $5 million for the oversized home, a reported $3 million for fancy furnishings, plus another $2 million for beachfront land across the road.
