Buying golf courses sure is an odd way to do it.
In the nine years before he ran for president, Donald Trump’s company spent more than $400 million in cash on new properties — including 14 transactions paid for in full, without borrowing from banks — during a buying binge that defied real estate industry practices and Trump’s own history as the self-described “King of Debt.”
Given the mediocrity of Trump’s business while he was doing roughly what everyone else was doing, I’m even more skeptical of his ability to float a business with the numbers presented here. Based on now better researched reports, Trump only had a fraction of the wealth he’s always said he had. Unless his political position is being heavily leveraged now, I’m not sure how he’s staying in business. These back of the envelope numbers make Trump’s concerns even more suspicious.
One of the things not being reported in the Mueller investigation is investigation into Trump’s businesses and finances. I’d have to imagine that they’re looking into his tax records and business dealings more closely than has been reported.Syndicated copies to:
In the middle of Los Angeles — a city with some of the most expensive real estate in the world — there are a half a dozen exclusive golf courses, massive expanses dedicated to the pleasure of a privileged few. How do private country clubs afford the property tax on 300 acres of prime Beverly Hills real estate? RH brings in tax assessors, economists, and philosophers to probe the question of the weird obsession among the wealthy with the game of golf.
ReferencesFORE! AN ANALYSIS OF CEO SHIRKING PDF 2.1MB
I wouldn’t say that I “hate” golf more now, but I do think that the structure holding the system up is way worse than I did before. It’s truly deplorable that the system is propping up courses in Los Angeles like this. The statistics explored here are truly painful. I love that someone has delved into open statistics to come up with the ideas underpinning this episode.
I knew that prop 13 was destroying California slowly but surely, but some of the smaller subsections are even more egregious.Syndicated copies to: