Trump International Golf Club files for bankruptcy protection
Published 1:03 pm Monday, July 13, 2015
WILMINGTON, Delaware – Trump International Golf Club Puerto Rico filed for bankruptcy as Donald Trump, the billionaire real estate mogul who lent his name to the property, makes a bid for the White House.
The petition filed Monday by Coco Beach Golf &Country Club S.E. in bankruptcy court in San Juan listed assets of $9.2 million and as much $78 million in debt. The filing comes as Trump seeks the Republican presidential nomination.
The Puerto Rico resort, which opened in March 2004 as Coco Beach Golf, renamed itself 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 courses.
The golf club, which features two 18-hole championship courses in Rio Grande, Puerto Rico, was designed by professional golfer Tom Kite. The 1,000-acre property features a 46,000 square foot clubhouse. It hosted the 2008 Puerto Rico Open, according to the Trump website.
Rhona Graff, a spokeswoman for New York-based Trump, didn’t immediately respond to an e-mail seeking comment on the filing.
Puerto Rico Tourism Development Fund is listed as the largest creditor with a claim of $32.6 million, according to court documents.
