President Trump’s net worth declined $100M in past year: report

President Donald Trump’s net worth has dropped $100 million since last year as revenue declined at his eponymous golf courses and Fifth Avenue tower in New York City, according to a report on Thursday.

Trump’s current net worth is roughly $2.8 billion, according to the Bloomberg Billionaires Index, which assessed information from property records, lenders and a May 16 financial disclosure. Bloomberg had estimated Trump’s net worth at $2.9 billion in June 2017.

The analysis noted that assets such as Trump Tower and the former “Niketown” building in Manhattan had posted significant declines. The Trump Organization’s golf and resort properties lost about $70 million in value because of revenue declines at some locations. The 16 properties are now collectively worth an estimated $650 million.

A Trump Organization spokesperson disputed Bloomberg’s findings, arguing in a statement that the financial service’s analysis underestimates “the value of our prime New York real estate locations.”

Trump is said to have at least $520 million in debt, including $165 million tied to branded hotels and $100 million on Trump Tower itself.

Trump’s real estate ventures with Vornado Realty Trust gained $75 million in value year-over-year and are now worth $575 million. The report said Trump has about $280 million worth of liquid assets.

The president has long declined to make his personal tax returns public, claiming that he is under federal audit. The president filed for an extension on his tax return in April.