The company that owns the Trump International Golf Club, Puerto Rico just filed for bankruptcy, Bloomberg's Dawn McCarty reports.
Although the club, owned by CocoBeach LLC and originally known as Coco Beach Golf & Country Club S.E., licenses the Trump name, The Trump Organization does not own the course, which remains a separate financial entity.
It listed assets of $9.2 million and as much as $78 million in debt, McCarty says.
The resort opened in 2004, and four years later paid Trump to use the brand. According to its website, the course was designed by golf legend Tom Kite and hosted the PGA's Puerto Rico open for five years.
Donald Trump has at least 17 golf properties worldwide.
Puerto Rico's financial difficulties are well known, but we could not immediately locate another golf resort that had recently taken a similar move.
In August, the course missed a $119,814.17 loan payment, citing "financial difficulties."
A representative for Trump sent the following statement:
“Empresas Diaz, the owner and developer of the Trump International Golf Club in Puerto Rico has, for many months, been in default of its obligations to Trump due to their company’s financial constraints and a difficult business climate in Puerto Rico. Empresas Diaz, licensed the “Trump” name from an affiliate of the Trump Organization pursuant to the terms of a license agreement —- Trump is not the owner or developer of the project. We merely licensed our name for a fee and have nothing to do with the ownership, development or entity. The Trump Organization continues to have a great relationship and incredible respect for the developer and its principals.”
Bonus: Here's Trump golfing with Mark Wahlberg in 2006:
Rob covers business, economics and the environment for Fusion. He previously worked at Business Insider. He grew up in Chicago.