The golf courses owned by presidential candidate Donald Trump are valued at a minimum of $500 million, according to his financial disclosure report released by the Federal Election Commission.
Nine of his courses, including Trump National Doral and Trump Turnberry, are valued at more than $50 million each (values are cited in ranges, with "over $50 million" representing the top range).
A CNBC analysis, however, questioned whether his golf properties were over-valued.
"The financial disclosure form values many of Trump's courses at two to four times the multiples of annual revenue other courses command, in an industry where most operators struggle to make profits, according to golf-course appraisers. An industry rule of thumb is that courses are worth 1 to 1.5 times their annual revenue.
"Trump reported combined revenue of less than $160 million, excluding the Miami resort, which doesn't break out golf-related revenue, and land sales at the Los Angeles property. Based on the industry standard valuation metric, that would put the value of Trump's golf empire closer to $160 million to $250 million."
Nonetheless, he has assembled a golf empire. And if the minimum $500 million figure is remotely accurate, it would be approaching half of the minimum of Trump's net worth of $1.15 billion, according to the financial disclosure statement. Trump, himself, has placed his net worth at more than $10 billion.
(Note: CNBC came up with a minimum valuation of $550 million for his golf properties, but it appears it counted Trump's Mar-A-Lago Club as a golf entity, which it is not.)
Here are his course valuations, according to his financial disclosure report:
Over $50 million
Trump National Jupiter
Trump National Bedminster
Trump National Doral
Trump National Westchester
Trump National Colts Neck
Trump National Washington, D.C.
Trump National Los Angles
Trump International Scotland
$25 million to $50 million
Trump International Florida
$5 million to $25 million
Trump International Golf Links Doonbeg
Trump National Charlotte
Trump National Hudson Valley
Trump National Philadelphia
Trump Ferry Point