Trump National Golf Club Philadelphia

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FAST FACTS Underlying Assets: Golf Club Location: Pine Hill, New Jersey Purchase Date: December, 2009 Purchase Price: $3.7 million Reported Value: $5 million to $25 million Reported Income: $5,641,122 Website: OVERVIEW Trump purchased the Pine Hill Golf Club on Christmas Eve of 2009 and renamed it Trump National Philadelphia. Trump claimed that the course was worth between $5 million and $25 million in his 2016 financial disclosure. While the initial sales price was not disclosed, subsequent reporting indicates the club was acquired for $3.7 million. The club is technically owned by the borough of Pine Hill, exempting it from local property tax. Trump instead acquired a lease calling for him to pay $284,000 annual rent to the Borough of Pine Hill. After Trump acquired the club, he converted it from a semi-public to an exclusively private course. The club has been sued by a former employee alleging anti-gay discrimination. OWNERSHIP STRUCTURE Trump National Golf Club - Philadelphia:

1% owned by TNGC Pine Hill 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 While we make an effort to rely on credible news sites maintaining archives online, many local publications that have reported on Trump's golf club in Pine Hill do not fall into the category. The following short excerpts were published in local newspapers and are the source for factual claims made in the overview of this page. Trump paid $3.7 million of his own funds last Christmas for a lease with an option to buy the Pine Hill Golf Club in New Jersey out of foreclosure. Trump changed the name to Trump National Golf Club Philadelphia after the nearby city. He repainted the brown clubhouse white and increased membership by 200 to 330. "I fixed it," he said. "I re-branded it, and the people are through the roof." (Buffalo News, January 1, 2011)

Golf fanatic Donald Trump bought Pine Hill, the semipublic South Jersey club, yesterday and converted it, immediately, into an all-private playground. A goal is to make it as alluring as its peerless Pine Valley neighbor, which is one of the world's most coveted courses for its challenging terrain and cocoonlike isolation. Weekday public access at Pine Hill: out. Existing members: grandfathered in. New members: welcome. (Philadelphia Inquirer, December 25, 2009)

Despite occasional complaints from residents who believe taxpayers subsidize a private club that few people in town could afford to join, Constantino says the borough is better off with a golf course than without it. Trump bought the golf course from Empire, but leases the tax-exempt land from the 4-square-mile borough. He assumed the same terms originally brokered for Empire in 1999. Instead of taxes, Trump National pays $284,000 a year in lease payments. (Cherry Hill Courier Post, April 19, 2010)