President Trump has slipped down America’s rich list and it has emerged that his much vaunted Irish golf resort is losing cash.
Doonbeg was said to be down $5 million at the end of 2015 and last year did not see much improvement, apparently. The hotel and golf course makes a huge economic contribution to the area, employing more than 200 people.
In Forbes’ annual list of the US super wealthy the US Commander-in-Chief tumbled from No. 156 to No.248 after it estimated his wealth had shrunk from $3.7 billion to $3.1 billion in the space of a year.
The steep decline comes, Forbes concluded, because punters around the world are boycotting Trump’s hotels and golf courses out of disgust at his bombastic language and controversial public policy.
Doonbeg Golf Course on the Clare coast is said to be down in profitability and Trump’s cash reserves, once an eye-watering high $166 million, are said to have fallen to $100 million after he splurged cash on his campaign.
Also pulling down Trump's estimated wealth was the payout for the fraud case against Trump University. In March a Federal Judge approved a settlement of $25 million after plaintiffs claimed the university had misled them about what they would learn. During the campaign Trump said he wouldn’t settle, but after his election he decided he didn’t want the alternative of a protracted legal fight whilst serving as President.
Another small factor is that the President has declined to draw a salary. In April he donated his first three months' salary to the National Parks Service. JFK and Hoover similarly didn’t take a salary whilst serving as President and should Trump serve his full four year term it means he’ll have lost $1.6 million worth of income before tax.
The President is known to be touchy about his wealth. When he was a mere reality TV star he would appear on "Comedy Central Roasts." Individuals picked were allowed to write down topics they considered off list and, whilst Trump was fine with people making jokes about his sex life, weight and his attraction to his daughter, jokes about him not being that wealthy were not allowed.
“Donald Trump’s rule was, don’t say I have less money than I say I do,” Anthony Jeselnik recalled.
“Make fun of my kids, do whatever you want, just don’t say I don’t have that much money.”