Reuters – Reporting by Hilary Russ; Editing by David Gregorio
Trump International Golf Course in Puerto Rico was sold to OHorizons Global LLC for $2 million cash and the assumption of contracts, bankruptcy filings showed.
Officially called the Coco Beach Golf & Country Club S.E., the Rio Grande property is one of 17 Trump-branded golf resorts managed by The Trump Organization worldwide.
But Trump himself is neither the owner nor developer of the club, Eric Trump, Donald Trump’s son and executive vice president of The Trump Organization, said in a statement.
The golf club’s developer and owner, construction company Empresas Diaz, licensed the Trump name for the club and has been in default for many months on its obligations to Trump, due to its “financial constraints and a difficult business climate in Puerto Rico,” he said.
The Puerto Rico golf club’s bankruptcy filing listed $9.2 million of assets, including two 18-hole golf courses, a club house, and reserve funds, and $78 million of liabilities.
The Puerto Rico Tourist, Educational, Medical and Environmental Control Facilities Financing Authority issued $26.4 million of tourism revenue bonds in 2011 on behalf of the club, according to securities filings.
For information about other golf courses and residential projects for sale in the Caribbean Adam Greenfader.