Developers in locales as far flung as South Korea, Turkey, Panama and Hawaii have paid Trump fees to put his name on buildings he neither constructed nor owns, with an aim to sell condos and hotel rooms for higher prices. The income supplements Trump’s other operations to fund new acquisitions and pay down debt. It’s unclear what sum, if any, these licensing rights could capture on the open market.

Another complication in this murky net worth exercise: Trump holds the leaseholds, but not the deeds, for at least two New York City properties. He purchased a 100-year leasehold in 1979 for 6 East 57th Street, which houses a Niketown store, according to property records. The agreement also granted him the air rights above the store, which he used to build Trump Tower, located right around the corner.

He paid an annual rent of $125,000 for the building through 2008. The following year, it jumped to six percent of the property’s fair market value, leaving room for Trump to negotiate his rent, said Charles McDowell, owner of London-based Charles McDowell Property Consultants. A 100-year-leasehold would sell for at least a 10 percent discount to its value, McDowell said.

“Rents have skyrocketed on the street, and this old lease is most likely less than $500 per square foot right now, even given renewals,” Faith Hope Consolo, chairman of retail brokerage at Douglas Elliman Real Estate, said. The leasehold has a value of at least $450 million, according to data compiled by Bloomberg.40 Wall Street

Trump also has a leasehold agreement at 40 Wall Street, a 1.3 million-square-foot office tower in New York’s financial district. He purchased the lease, which expires in 2059, for $10 million in 1995, property records show. He could extend the lease through 2194.

Office space in the building rents for an average of about $45 per square foot, according to listings on its website. The leasehold is worth about $500 million, according to data compiled by Bloomberg. He secured a $160 million mortgage on the property in 2010, records show.Greens Fees

Trump’s resorts and 20 golf courses in the U.S., Scotland, and Puerto Rico are also difficult to value. Golf courses have a variety of revenue models, said Larry Hirsh, president of Golf Property Analysts, an appraisal and consulting firm. Some are designed to help sell nearby real estate and may operate at a loss.

They derive revenue from a mixture of greens fees, memberships and food and drink, each with different profit margins. Based on data compiled by Bloomberg, Trump's courses could be worth more than $450 million.

“The Trump name has come to mean something in golf,” Hirsh said. “He’s done a lot for the sport.”

There’s more: Trump owns 30 percent of two buildings majority-owned by Vornado Realty Trust—at 555 California Street in San Francisco and 1290 Sixth Avenue in New York—that are worth a combined $640 million, according to data compiled by Bloomberg.Clinton, Bush