The Club loses money as well, making its value as a "going concern" questionable.
The problem for Trump with the Mar-a-lago property, and the rural New York property is that Trump was prepared to trade a massive future value for tax breaks, or zoning changes of a very limited value, today. 30 years ago when Trump signed away any future development on Mar-a-lago, he didn't foresee that it could have been worth a billion dollars if he hadn't been willing to trade that value away so he could run a money losing beach club.
That's Donald Trump's fiscal history in a nut shell. Trump thinks that everyone is out to screw him over, but the reality is, he does this to himself, over and over again. Trump is the victim of his own greed and incompetence.