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Report: Donald Trump Exaggerates Value of Golf Courses

June 18, 2015

Donald Trump is a rich man, but he might not be quite as rich as he says he is.

The real estate mogul turned golf course developer turned reality TV star announced his bid for the Republican presidential nomination on Tuesday and subsequently released a summary of his net worth that valued his assets — including his 17 golf properties — at nearly $9 billion.

Forbes, however, begs to differ. The magazine has been tracking Trump’s finances since 1982 and its experts claim that he is exaggerating his net worth by more than 100 percent and estimate his value to be a mere $4.1 billion.

Trump’s golf courses and resorts account for much of the discrepancy.

Trump claims his portfolio of U.S. courses — which includes such championship-caliber tracks as Trump National Doral Golf Club in Miami, Trump National Golf Club in Bedminster, N.J., and the recently opened Trump Golf Links at Ferry Point, in the Bronx, N.Y. — are worth about $1.86 billion. (That includes club facilities and related real estate.)

Forbes says that figure is overstated by, oh, roughly a billion dollars. Here’s Forbes’ breakdown of the value of Trump’s golf properties (net of debt):

  • Doral, Miami: $300 million
  • Mar-A-Lago, Palm Beach: $290 million
  • Additional courses in the U.S.: $200 million
  • Courses in Scotland and Ireland: $75 million

That still rings up to a hefty $866 million but falls well short of the Donald’s valuation. Check out Trump’s full balance sheet below:

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