Trump National Golf Club Westchester
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Trump has claimed in his financial disclosures that the course is greater than $50 million. In an effort to lower his property taxes, Trump has tried to convince local tax officials that the value of the course is only $1.4 million.
Underlying Assets: Golf Club Location: Briarcliff Manor, New York Purchase Date: 1995 Purchase Price: $7.5 million Reported Value: $50 million or more Reported Income: $10,313,031 Website: trumpnationalwestchester.com OVERVIEW Donald Trump purchased the land that he developed into Trump National Golf Club Westchester in 1995 for $8 million. The course opened for play in 2002. Trump reported the course's value at greater than $50 million in his 2016 financial disclosure. In a tax appeals designed to lower the assessed value of the course, Trump's attorneys have argued that its actual value was as low as $1.4 million. More recently, Trump has tried to convince local officials that the club is only worth $9 million. Trump's 2016 financial disclosure reported $10,313,031 of income from the course. Trump sued the contractors who built the course, claiming they overcharged him. Trump won a $4 million verdict in 2005. Trump boasted in 2000 that his golf course was being developed "five minutes" from Bill Clinton's new home in Chappaqua and that Trump "would be happy to have him as a member." OWNERSHIP STRUCTURE Trump National Golf Club - Westchester:
1% owned by Trump National Golf Club 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. SUPPORTING QUOTES
Donald J. Trump has scaled back his plans for a golf course and luxury housing development at his Seven Springs estate in the northern Westchester towns of Bedford, New Castle and North Castle. [...] Mr. Trump bought the estate in 1995 for $7.5 million. Construction is to begin in the summer and take two years to complete. (New York Times, January 31, 1999)
Footnotes and Citations
“One of the most stark gaps in value assessments is centered at the Trump National Golf Club Westchester, a private club in the small village of Briarcliff Manor, N.Y. [...] In his financial disclosures, Trump valued the course at more than $50 million. But last year, his attorneys filed papers with the state declaring the "full market value" of the course was far lower: about $1.4 million. Trump lawyers have since upped their estimate, to $9 million, though town officials say they could still lose hundreds of thousands of dollars a year in tax funds if the Trump appeal succeeds. (Washington Post, August 21, 2016)”