Trump buys bankrupt Running Horse course for $30M
FRESNO, Calif. -- Donald Trump is about to buy a bankrupt golf course.
Trump and Running Horse Golf and Country Club owner Mick Evans announced Monday they had agreed to a purchase agreement that would turn over the 420-acre complex to Trump for $30 million.
The agreement won't become final until it's approved by bankruptcy Judge W. Richard Lee and an estimated 300 Running Horse creditors.
Running Horse was meant to house a Jack Nicklaus-designed golf course and 780 upscale homes but had already run into money problems when Evans bought it in March.
Evans nearly sold the complex to Trump two weeks ago, but ultimately rejected the billionaire's $40 million offer because the two disagreed on how to classify legitimate operational expenses after the sale and which profits would be destined for creditors.
The new deal transfers the property to Trump for $30 million cash. Unlike previous proposals, there will be no sharing of profits once development starts.
Copyright 2007 by The Associated Press
