By: Rob Harris
We have two Donald Trump stories to share, and–guess what–neither has anything to do with hosting a Republican primary debate.
The first story comes courtesy of Larry Gavrich, who reports in his blog that the Trump organization is attempting to purchase The Point Golf Club near Charlotte. According to Larry’s sources, the club members previously obtained the rights from the developer to purchase the club for $3 million, with the price to increase to $5 million if the purchase is not effected by April 2012. Apparently, Trump has been negotiating with the club’s advisory board–with some suggesting that a deal already has been reached–to acquire the course. Members fear that they would then be priced out of the market. As more details emerge, this one definitely bears watching. Thanks, Larry, for bringing it to our attention.
Our second story concerns some apparently shrewd negotiation by Mr. Trump, in his apparently successful attempt to buy Miami’s Doral Golf Resort and Spa out of bankruptcy. In October, Trump contracted to purchase the property for $170 million. That deal lapsed, however, when the requisite due diligence was not satisfied. Apparently, with no other buyers in sight, Trump negotiated a new deal, this time for $150 million, with additional sweetheart provisions, including one for a $4.5 million breakup fee if another buyer emerges with a better bid during the auction to be held under the auspices of the bankruptcy court.
Don’t look for anyone to outbid Mr. Trump, with the possible exception of John Huntsman–it sounds like they don’t especially like one another.