Mr Trump said he received a $17m insurance payment in 2005 for damage at his Mar-a-Lago resort caused by Hurricane Wilma, but digging by the Associated Press found "little evidence" of large-scale damage to the property.
Mandatory evacuation for the entire town remains in effect.
The private social club, purchased by Trump in 1985, is located on a barrier island facing the Atlantic Ocean and is susceptible to storm surge from the intense hurricane, which is expected to impact South Florida on Saturday.
The President also owns three golf courses in the counties that have been forced to evacuate and an 11-bedroom mansion in St. Martin, which experienced widespread devastation when Irma hit the island earlier this week.
In addition to Trump's "Winter White House" at the Mar-a-Lago Club in Palm Beach, the Trump Organization has multiple properties near or on the South Florida coastline: Trump Grande, Trump International Beach Resort, and Trump Towers in Sunny Isles, Trump Hollywood in Hollywood Beach, Trump Plaza in West Palm Beach, plus Trump National Golf Club in Jupiter and Trump National Doral in Doral.
However, Mr Trump's description of the damage did not match the versions of Mar-a-Lago members and his supporters.
An estimated 125,000 people live in the area surrounding the resort and all of Florida is under a state of emergency.
Afterwards, Hurricane Irma continued on a path that saw it inflict varying amounts of damage on Puerto Rico, the Domincan Republic, Haiti, and Turks and Caicos, among others.
According to the story, the three properties have been closed, while guests staying at the Trump National Doral have been encouraged to make reservations elsewhere.