Trump International Golf Club Puerto Rico, home to the PGA Tour's Puerto Rico Open since 2008, has filed for bankruptcy.
The owning company, Coco Beach Golf & Country Club S.E., filed in federal bankruptcy court in San Juan listing assets of $9.2 million and debt of up to $78 million. The largest creditor is the Puerto Rico Tourism Development Fund, listed as due $32.6 million. In 2011, the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority issued $26.4 million of municipal debt to help refinance some debt to build the facility, which opened in 2004. The company has been in default on the debt since 2011.
Though Donald Trump's name is on the course, he has no ownership stake in the property. Rather, his company, the Trump Organization, licensed the use of Trump's name to the owners and manage the course as part of its 17-facility portfolio blending owned and managed properties.
“We have zero financial investment in this course,” said Eric Trump to Bloomberg. “This has absolutely nothing to do with Trump. This is a separate owner. We purely manage the golf course.”
Trump said Coco Beach Golf & Country Club S.E. is also in default with the Trump Organization.
Originally opened as Coco Beach Golf, the property has a pair of 18-hole courses, including a Tom Kite-designed course that is a PGA Tour stop played each March opposite the WGC-Cadillac Championship, played in the Miami area at the Trump-owned Doral resort.