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.[1]
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
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“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)”
