For practically nothing too.
Donald Trump has been granted a 20-year deal to operate a $97 million PGA-regulation golf course in The Bronx of NYC for almost no money down!
The course is part of a Parks Department redevelopment project at Throggs Neck waterfront which has been in the works since 1998 (with an estimated price tag of only $22 million).
Here's what is kinda whack about this deal though. Ever since the original developer walked out on the job, the city (a.k.a. the tax payers) has been paying for the construction which will end up costing about $184 million!
Trump won't owe a dime until 5 years into owning the golf course he got for free and even then will only owe 7% of the gross receipts, or a minimum of $300,000. 16 years into the property's existence, his firm will only owe 10% or a $420,000 minimum to the city.
The neighbors who aren't expecting to drop a Benjamin just to play a round of golf aren't thrilled at this venture. However, city officials claim, "Our goal is to provide a public service, not to seek a return on an investment.”
That's fine and all, but we don't think an overpriced golf course is much of a public service.
Geoffrey Croft, of watchdog group NYC Park Advocates, put it like this:
"We are paying [$184 million for] the project. Trump is getting a gift from a fellow billionaire, the mayor. It’s unheard of that you don’t pay any money for four years.”
Instead, low-income residents in the area think they'd be better off with a larger community park.
[Image via WENN.]