Trump National Doral
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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.[1]
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
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“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)”
