In a recent testimony by Donald Trump Jr., it was revealed that the Trump Organization sold the lease of Trump Golf Links at Ferry Point situated in The Bronx, NY, for $60 million to Bally’s Corporation. This revelation comes amidst a civil fraud trial instigated by New York Attorney General, Letitia James, who is investigating the Trump Organization’s alleged practice of inflating the value of its real estate holdings to secure substantial loans from banks.
Earlier speculations that surfaced in September regarding the lease transfer to Bally’s were confirmed in court. However, the precise net profit from the transaction remains unclear due to the extensive costs incurred by the Trump Organization during their oversight of the venue.
A 2015 agreement between the city and the Trump Organization saw the lease for the property extended for 20 years. However, attempts to end this agreement were made in 2021 by then-Mayor Bill de Blasio, in response to the January 6th, 2021 Capitol riots. Despite these efforts, no court has affirmed criminal responsibility for the 45th president regarding the incident, with a Manhattan Supreme Court judge ruling the termination attempt as unjustified in April 2022.
Prior speculations suggested that Bally’s could pay over $100 million for the golf course lease. With the agreed amount being $60 million, it seems the casino operator may have secured a fair deal. Both parties were reportedly eager to finalize the transaction, with worries that increased demands could impede the progress of the acquisition for Bally’s.
Furthermore, Bally’s has already actioned their commitment to renaming the property, with the golf course now identified as Bally’s Golf Links at Ferry Point on their official website. Eric Trump, a significant player in the everyday operations of the Trump Organization, is scheduled to continue his testimony.
Uncertainty looms over the potential implications of the golf course transaction. The satisfactory price paid by Bally’s may give credence to the Trump Organization’s integrity in their business practice. However, critiques persist, questioning the objectivity of the trial, given James’s campaign promises and Judge Engoron’s reported favor towards Democrat candidates.
Commercial real estate experts argue that the prosecution is generalizing the difference between appraised and market value. The differential treatment of these terminologies in residential and commercial properties may further complicate the issue.
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