Trump In­ter­na­tional Golf Club Puerto Rico $78 mil­lion in debt

The Star (St. Lucia) - - INTERNATIONAL -

Trump In­ter­na­tional Golf Club Puerto Rico filed for bank­ruptcy as Don­ald Trump, the bil­lion­aire real es­tate mogul who li­censed his name to the prop­erty, upped his cam­paign for the White House.

The fi­nan­cially trou­bled golf club listed $9.2 mil­lion in as­sets against $78 mil­lion in debt, ac­cord­ing to the pe­ti­tion filed in San Juan on Mon­day.

The golf club’s ties to Trump, who is seek­ing the Repub­li­can pres­i­den­tial nom­i­na­tion, nev­er­the­less go no fur­ther than the name, Bloomberg re­ported.

Don­ald Trump isn’t in­volved in the oper­a­tions of the golf course and a “dif­fi­cult busi­ness cli­mate in Puerto Rico” re­sulted in the owner’s fi­nan­cial woes, said Eric Trump, the pres­i­den­tial can­di­date’s son and an ex­ec­u­tive at the Trump Or­ga­ni­za­tion.

“We have zero fi­nan­cial in­vest­ment in this course,” Trump told Bloomberg. “This has ab­so­lutely noth­ing to do with Trump. This is a sep­a­rate owner. We purely man­age the golf course.”

The re­sort has been in de­fault of its obli­ga­tions to Trump, more­over, ac­cord­ing to Eric Trump.

The Puerto Rico re­sort, which opened in March 2004 as Coco Beach Golf, was re­named in 2008 af­ter li­cens­ing the use of Trump’s name. Trump, an avid golfer, is af­fil­i­ated with 17 golf prop­er­ties world­wide, ac­cord­ing to his web­site. The golf di­vi­sion of Trump Or­ga­ni­za­tion Inc. owns and man­ages most of the cour­ses.

The Puerto Rico prop­erty fea­tures two 18-hole cham­pi­onship cour­ses in Rio Grande, which were de­signed by pro­fes­sional golfer Tom Kite. The 1,000-acre prop­erty has a 46,000-square-foot club­house and hosted the 2008 Puerto Rico Open, ac­cord­ing to the Trump web­site.

The club re­ceived $26.4 mil­lion in mu­nic­i­pal bonds four years ago to fi­nance the re­sort’s con­struc­tion, Bloomberg re­ported. They were down­graded to CCC- last month by Stan­dard & Poor’s, earn­ing junk bond sta­tus where it used to have in­vest­ment grade, and mir­ror­ing Puerto Rico’s debt.

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