Donald Trump takes a $100-million tumble on the Bloomberg Billionaires Index

Donald Trump’s net worth has dropped below the $3-billion mark, with Bloomberg placing the blame on three New York buildings, including Trump Tower, that are coming up short of appraisal targets.

The updated calculation, which puts the president’s net worth at $2.9 billion, relies on data from lenders, mortgage documents, annual reports, market data and a financial disclosure from June 15, compiled by the Bloomberg Billionaires Index.

Aside from Trump Tower, 40 Wall Street and 1290 Avenue of the Americas contributed to the decline. Bloomberg says a trend in the city’s office market has taken its toll, as fresh properties are in and demand for vintage properties is falling.

Of course, Trump would disagree with the figure. Back in 2015, when he said he was running for president, his campaign released a document putting his net worth at $8.7 billion. Not surprisingly, he slammed the $3-billion figure as “a stupid report.”

Bloomberg pointed out one major difference between how the two sides reached their conclusions: Trump put his personal brand’s worth at $3.3 billion, whereas Bloomberg’s take was nowhere near that number at a $35-million valuation.

Trump’s self-assessment would place him around No. 159 on Bloomberg’s list of the world’s richest people. The $2.9-billion figure doesn’t crack the top 500.