The bad news just keeps on coming for Donald Trump.
According to CNBC, Trump International Golf Club Puerto Rico filed for bankruptcy on Monday, citing financial troubles caused by Puerto Rico’s flagging economy.
The club, which is not owned by the real estate mogul turned Republican presidential candidate but rather adopted the Trump name via licensing agreement, has hosted the PGA Tour’s Puerto Rico Open since its inception in 2008.
According to the court filing, the club formerly known as Coco Beach Golf & Country Club owes more than $78 million to more than 100 creditors, including Trump.
“The owner and developer of the Trump International Golf Club in Puerto Rico has, for many months, been in default of its obligations to Trump due to their company’s financial constraints and a difficult business climate in Puerto Rico,” said Donald’s son Eric, a Vice President at The Trump Organization, in a statement. “The Trump Organization continues to have a great relationship and incredible respect for the developer and its principals.”
Trump owns 16 golf courses worldwide — 12 in the United States, two in Scotland, one in Ireland and one in Dubai — which Forbes estimates to be collectively worth about $866 million.