eason # 38: Sliding Real Estate
Why do we need to defeat Donald Trump and ensure that a Democrat occupies the White House?
To my eye, the most beautiful scenic drive in the LA area is along the edge of the Palos Verde Peninsula, featuring spectacular ocean views out over the Pacific Ocean to Santa Catalina Island and dotted with luxurious homes, where our local millionaires and billionaires bask in sunlight and enjoy the view. The kids always loved the “roller coaster”, a part of the coastal road that grades downhill toward San Pedro, where the road suddenly dips and swoops crazily up and down. A good play list might include Paul Simon’s “Slip-Sliding Away”.
Palos Verdes was in the LA Times this morning, 8/26/24, where Grace Toohey reports on “Landslide appears to worsen.” The slide in question turns ut to be two slow motion landslides, a newer shallow one and the more ancient and deeper Altamira slide. These are areas where the hillsides are moving downward toward the Pacific at as fast as four feet per month. The slides don’t just damage roads, many local residents have lost their homes and many more are currently threatened.
Perhaps the most striking event took place in 1999, where the new Ocean Trails golf course was scheduled to open. Suddenly, a large chunk of the property fell into the sea, taking the 18th fairway and hole with it. This catastrophe bankrupted the developers, but a bold investor bought up the property at a bargain price, rebuilt the missing hole and added luxury homes. Wanna guess who would be willing to take the enormous risk of building on a landslide? Who else but Donald Trump.
The geotechnical repair of the 18th hole cost $20 million. Trump now claims that “If I’m ever in California for an earthquake, this is where I want to be standing” (Wikipedia) The Trump National Golf Course, Los Angeles opened in 2006. Typically, Trump quickly alienated the community with “pompous and arrogant” behavior, profane insults, lawsuits and even planted Ficus trees to obstruct the ocean views of neighboring homes that he considered “shit”
Trump also destroyed his profitable relationships with the PGA and LPGA with insulting remarks about Mexicans and the course lost the prestigious PGA Grand Slam tournament. Talk about shooting yourself in the foot. Trump now deals with a rival Saudi Arabian golf tour. More about that in future posts.
Although Donald claims to be a great golfer, he is a loser at golf course ownership, more specifically admitting that he lost more than $300 million at golf courses he owned between 2000-2020.
https://www.businessinsider.com/trump-lost-millions-on-golf-courses-tax-returns-report-2020-9.
What a big surprise then that he has turned that all around and now makes more than $500 million!
If you are interested in playing (at least 17 holes), the green fee at Trump National started at $530 9:30 AM. Today. Curiously, there were 24 tee times available. That sounded weird to me and so I checked in with a golfer friend. I asked if it is hard to get a tee time at a good golf course? Yes. If the course is private, it is fiendishly difficult. At a great public course, you have to book far in advance. Well, perhaps there are so many open slots at Trump National because it is Monday? I tried booking in advance and found 8-10 open tee times on the next few Saturdays or Sundays. Alternatively, it might be because so many Californians hate Donald Trump and would never, ever do business with him? Taking it a step further, it is hard to imagine how a course with this many open slots can make money? But Trump’s recent filing says that he makes $28.1 million there.
https://www.sportico.com/leagues/golf/2023/trump-golf-earnings-doral-1234731160/
Perhaps a good accountant might want to check and see whether there is some creative accounting going on. In actuality, some very good accountants did look at this very issue and found major irregularities.
https://www.newsweek.com/donald-trump-golf-courses-new-york-fraud-trial-barbara-jones-1865202
Judge Arthur Engeron considered this accounting in finding Donald Trump guilty of civil fraud and imposed an – imposing – fine of $464.5 million!
https://www.nytimes.com/interactive/2024/02/16/nyregion/trump-fraud-engoron-decision.html
Since it is so easy to tee off at Trump National, why not move in nearby? Zillow lists an oceanfront “Estate” for just under $10 million. But don’t delay; real estate in Palos Verdes is moving fast.
Help ensure a landslide win for decency in November and vote for Kamala Harris.
Have a heart; use your mind, search your conscience, and vote for Democratic candidates – across the ballot – on November 5th.
Please share this message with your friends and please, add your thoughts, to expand upon what are only brief sketches here.
Fred Grannis
August 26, 2024