Trump National Golf Club Charlotte
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Trump has successful lobbied local officials to reduce the appraised value of the course from $22.7 million to $9.6 million.
FAST FACTS Underlying Assets: Golf Club Location: Charlotte, North Carolina Purchase Date: April, 2012 Purchase Price: $3 million Reported Value: $5 million to $25 million Reported Income: $14,125,381 Website: trumpnationalcharlotte.com OVERVIEW Trump acquired the former Point Lake Golf Club outside Charlotte for $3 million in April of 2012. Trump claimed that the course was worth between $5 million and $25 million in his 2016 financial disclosure . Since acquiring the property, Trump has lobbied local officials to lower its assessed value from $22.7 million to $9.6 million. OWNERSHIP STRUCTURE Trump National Golf Club - Charlotte:
1% owned by TNGC Charlotte 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
The Donald J. Trump Revocable Trust is managed for the "exclusive benefit" of Donald Trump.
Footnotes and Citations
“Trump's approach in lowering tax bills is evident in his company's handling of the Iredell County course. The company bought the property in 2013 for $6 million. It then pledged $10 million toward renovations of the existing country club, about a 45-minute drive north of Charlotte, for what's now known as the Trump National Golf Club Charlotte. Trump personally vouches for the club on its website, saying, "As an avid golfer, I can tell you that this club and setting are truly something special." Soon after Trump took over, the company began lobbing appeals at the local tax assessor - and winning. Since 2013, while the club invested in upgrades and the broader real estate economy flourished, the club's tax assessment has plunged 58 percent, from $22.7 million to $9.6 million. Trump's FEC filing lists the club's value as between $5 million and $25 million. (Washington Post, August 21, 2016)”