Other Trump real estate holdings haven’t fared as well. His 30 percent stake in two office buildings owned by Vornado Realty Trust -- 1290 Sixth Ave. in New York and 555 California St. in San Francisco -- has declined in value to $590 million from $640 million as demand for workspace in those cities softened. About 20 condominiums he still owns at 502 Park Ave. in New York have also dropped in value, to about $170 million from $200 million, based on listings and recent sales. Thirteen apartments located at 100 Central Park South could sell for $30 million on the open market, although Trump recently sold two in need of repair to his son Eric at a discount.
Golf Revenue
The billionaire’s 16 golf courses and resort properties had a 17 percent increase in revenue last year, according to figures Trump provided in his disclosure forms adjusted for 12 months. The amount almost doubled at his most valuable resort, Trump National Doral in Florida. An appraisal conducted by Cushman & Wakefield for the Trump Organization in July 2015 and seen by Bloomberg valued the property, which has four golf courses, at $366 million.
Based on the average price-to-sales multiple for three publicly traded golf operators and the Doral appraisal, the properties have increased in value to $710 million, up from $375 million last year. Other properties, including Trump’s interest in towers in Chicago and Las Vegas that bear his name, have risen to $220 million from $195 million.
Investors prefer measures of price-to-earnings over multiples of sales, because the latter doesn’t capture cost structure or profitability. Trump only reported revenue for the golf properties in his campaign filings even though the disclosure form asks for income.
Annual reports for Trump’s three European golf courses obtained by Bloomberg show that they’re all unprofitable. Three U.S. courses have easements against them, meaning that Trump sold development rights in exchange for tax breaks. That would decrease their resale value.