NEW YORK — The New York Yankees are worth nearly twice as much as any other team in baseball, according to the annual estimates by Forbes magazine.

The Yankees were valued at $1.6 billion, Forbes said Wednesday, up 7 percent from a $1.5 billion value last year.

Boston was next, going up 4 percent to $870 million and was followed by the New York Mets, who dropped 6 percent to $858 million. The Los Angeles Dodgers, caught in divorce proceedings of its owners, were fourth with a 1 percent increase to $727 million.

Minnesota had a 14 percent rise to $405 million following its move to Target Field.

Pittsburgh was last at $289 million, just below Oakland, which dropped 8 percent to $295 million.