The value of President Donald Trump’s golf clubs hasn’t kept up with his investment, according to a new report.
While his golf properties have increased in value in recent years, the president has spent more on long-term improvements, including at his clubs in South Florida, according to the Wall Street Journal.
Meanwhile, the golf industry continues to suffer as fewer people play golf and clubs across the country lower membership fees. The National Golf Foundation reports that 30 million people played gold in 2005. In 2015, that number fell to just over 24 million people.
The Trump Organization has said that it’s spent a combined $310 million on renovating properties, including $250 million on Trump National Doral Miami, that were valued at $266 million. In 2014, the Doral resort reported a loss of $2.4 million, excluding payments on $125 million of loans.
In New York, Trump’s Hudson Valley club saw its assessed value drop by 23 percent to $4.6 million from $6 million in 2015, which was after the Trump Organization said the value was only $2 million.
Fees are also down or frozen at Trump-branded golf clubs, the Journal reported. In March, the Trump National Doral offered a 20 percent discount to join, to $40,000 from $50,000.