Trump National Doral
Litigation
- During the Presidential campaign, Trump sued the owners of land adjacent to his Doral golf course claiming they had vandalized expensive plants on his property. “In February, he filed five lawsuits against eight neighbors of his Doral golf club in Miami for $15,000 in damages to reimburse him for ‘vandalizing’ or ‘destroying’ expensive areca palms and other plants his groundskeepers installed between their homes and the course. Trump's staff says the foliage was planted to block golfers' views of the houses; the homeowners say the trees blocked their views of the course. All five cases are pending.” (USA Today, June 2, 2016)
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Other Stuff
Trump has successfully lobbied local officials to lower the assessed value of his course from $100 million to $70 million.[1]
A NASCAR award banquet was canceled at Doral when one of its sponsors - a Lebanese immigrant - refused to participate in an event held on a Trump property.[2]
FAST FACTS
Underlying Assets: Golf Courses & Resort Location: Miami, Florida Purchase Date: 2011 Purchase Price: $150 million Reported Value: $50 million or more Reported Debt: $55 million or more Reported Income: $131,892,107 Website: trumpgolfdoral.com OVERVIEW
Donald Trump purchased the iconic Doral golf course near Miami in 2011 for $150 million . The deal was financed with a $125 million loan from Deutsche Bank. Deutsche Bank holds two mortgages on the property, worth more than $55 million. Both mortgages were issued in 2012 and mature in 2023. Both mortgages have variable interest rates pegged to LIBOR + 1.75% or Prime minus 0.75%. Invanka Trump reportedly led negotiations to purchase the course from Winthrop Realty Trust. Trump claimed that the course was worth $50 million or more in his 2016 financial disclosure. Trump has aggressively appealed for local officials to reduce the course's assessed value, most recently having its assessed value lowered to $75 million . Trump has reported that the course earned income of $131,892,107 in 2016. Trump's attorneys argued in a 2014 tax challenge that the golf resort actually lost $2.4 million. Trump reported $49,448,432 of income for Doral in his 2015 financial disclosure. Trump reportedly installed a state-of-the-art surveillance system at the club. OWNERSHIP STRUCTURE Trump National Doral:
1% owned by Trump Endeavor 12 Manager Corp
100% owned by Donald J. Trump
99% owned by DJT Holdings LLC
99% owned by The Donald J. Trump Revocable Trust
1% owned by DJT Holdings Managing Member LLC
100% owned by The Donald J. Trump Revocable Trust
Trump has reported a separate company, White Course LLC, that manages one of the courses at Trump National Doral (the White Course). That entity reported a bank account with less than $1,000 in it and income of $86,786. White Course LLC
1% owned by White Course Managing Member Corp
100% owned by Donald J. Trump
99% owned by DJT Holdings LLC
99% owned by The Donald J. Trump Revocable Trust
1% owned by DJT Holdings Managing Member LLC
100% owned by The Donald J. Trump Revocable Trust
The Donald J. Trump Revocable Trust is managed for the "exclusive benefit" of Donald Trump.
Footnotes and Citations
- ↑
“Lawyers have met with Miami-Dade County officials every year since 2012 to lower the assessments at Trump National Doral, the elite South Florida club that Trump bought for $150 million in 2012 and pledged to boost with a $250 million makeover. Repeated Trump appeals, including at a special hearing in June, helped knock the club's value down from roughly $100 million in 2012 to $75 million this year, even as it bloomed with renovations. The club's revenue, Trump said in election filings, totaled more than $131 million in the 10 months that ended in May. Trump's election filing says the club is worth at least $50 million. (Washington Post, August 21, 2016)”
- ↑
“Golf was not the only sport singed by Trump's political remarks. Nascar was scheduled to hold an awards event last year at Doral. Its World Truck Series is sponsored by Camping World, whose chief executive, Marcus Lemonis, is a native of Lebanon. In the wake of Trump's comments about immigrants, Lemonis made it clear that he and his employees would not attend the banquet if it was held at Doral, and the event was moved. (New York Times, March 2, 2016)” - ↑
