Trump Ferry Point
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FAST FACTS Underlying Assets: Operating Agreement with New York City Dept. of Parks & Recreation - Golf Course Location: New York, NY Opening Date: April 1, 2015 Purchase Price: Reported Value: $5 million to $25 million Reported Income: $7,930,134 Website: trumpferrypoint.com OVERVIEW Donald Trump operates Trump Golf Links Ferry Point, a course owned by the New York City Department of Parks & Recreation built upon a former landfill. Trump was awarded the contract to run Ferry Point in 2012. Trump paid no part of the course's $127 million development cost, but his contract specified he would spend $10 million to construct a club house. Trump's contract calls for him to eventually pay New York City a licensing fee to operate the course, but the contract exempted Trump from paying those fees for the first five years. Trump will ultimately be required to pay the City 7% of the course's gross revenue or a minimum annual fee of $300,000. The course at Ferry Point opened in April of 2015 . The course was developed by a private firm named Ferry Point Partners and by contractors working for the New York City Department of Parks & Recreation. Trump's biographical video at the Republican National Convention falsely claimed that Trump had built the course at Ferry Point, with the video's narrator claiming "Donald transformed a landfill into a championship public golf course and saved the city millions." Trump continued to insist he had built the course, even as city officials publicly refuted him. The clubhouse - which Trump's contract does require to him build - had still not been erected by August of 2016. Trump has declared the value of his contract to operate the course between $5 million and $25 million. Trump's 2016 financial disclosure claimed the course earned $7,930,134. This figure seems to closely match figures Trump has reported to New York City. OWNERSHIP STRUCTURE Trump Ferry Point LLC:
1% owned by Trump Ferry Point Member Corp
100% owned by Donald J. Trump
99% owned by Donald J. Trump
The Donald J. Trump Revocable Trust is managed for the "exclusive benefit" of Donald Trump.
