A tough New York real estate market, a costly lawsuit and an expensive presidential campaign all contributed to the declining fortune of Donald Trump.

After months of digging through financial disclosures and public property records and conducting dozens of interviews, Forbes now estimates Trump’ net worth at $3.1 billion, down from $3.7 billion a year ago. Trump drops to No. 248 in the ranks of the richest people in America, down from No. 156 in 2016.

The biggest hit was to his real estate portfolio, which is weighted heavily toward New York City. Values of several Manhattan properties, particularly those on or near Fifth Avenue, have dropped, shaving nearly $400 million off his fortune.

Some of his golf properties, including ones in Miami, Ireland and Scotland, have also declined in value, as some would-be guests stayed away, apparently offended by the president’s politics and bombast.

Trump’s cash pile is down an estimated $100 million since last year, after he spent $66 million on his campaign and $25 million settling a lawsuit over Trump University.