Wall Street Comes To West Side, Fresno, CA; Billionaire Donald Trump Agrees to Buy Running Horse Golf Course

wallstreet365live.com:
Wall Street Comes To West Side, Fresno, CA. The Donald is the Embodiment of this Strange World of Glamour and high Finance

Billionaire Donald Trump Agrees to Buy Running Horse Golf Course, Enters Fresno's West Side Triumphantly: Blight, Despair & Isolation Are Chased Away

I am standing on the corner of Chandler Ave., not too far from California Avenue and the giant palm trees on Kearney Boulevard. I am looking at the proof of the slow housing market. Unfinished houses are sitting on brown dirt. They appear desolate. Construction activities, all the workers' trucks, music, and chatter have long died or moved away to the next ongoing construction. The proof is in the pudding. The reality has long hit Running Horse which has been in bankruptcy court for some time now. Donald Trump comes along and gives his letter of intent to the court. He agreed to pay $25 million up front and $15 million from future sales of homes at Running Horse. What will happen to the hundreds of investors whose money is tied to the Running Horse development?

More and more people are talking mostly about what the presence of any Trump properties in the Central Valley of California would mean to the local economy. Some residents and farmers have been showing their appreciation for his interests in the golf project by writing and sending baskets of fresh fruits to the New York Tycoon. If all the initial investors and Evans agree with the offer all the way to the end, then Donald Trump will touch down with an amazing bag of goodies: a Jack Nicklaus-designed golf course and 780 high-priced homes and potentially a PGA Tour event in the future.
Get more from Wallstreet365 Financial: WallStreet365Live: CEOs News, Wall Street News, Companies News, Stock News, Mortgage, Investment News
The partially finished golf course sits amidst homes, farming lands and other businesses. Donald Trump considers some of the entities bordering the project "blight" that needs to be taken care of. He also relies on the goodwill of local residents and some key politicians who see him as the last hope for this part of the town. Donald even suggests eminent domain laws which city officials may use to clean up the area so Donald Trump can bring his large trends of development. Nobody knows for sure who will end up owning bankrupt Running Horse. Donald may have started a local bidding war. What if other creditors with deep pockets and other bidders who read this story decide to get in on the action by offering more money? Bankruptcy documents show the property is valued at $20 million to $40 million. The project has a burden of up to $70 million debt. If Donald gets the project, many early investors, more than 300 of them, will not be paid anything. Running Horse owner Mick Evans will have a lot head-scratching to do while trying to explain it to the investors.

No matter what, Fresno needs to attract billionaires like Donald Trump who will challenge local millionaires and potential billionaires. How come Kerkorian does not come around to give Donald Trump a run for his money? He is a local guy who rose to own major properties in Las Vegas and huge shares in Chrysler etc? He may not be interested in golf courses. For sure, Donald Trump will want to increase the scope of his development beyond the 420-acre he is getting. People may get a fair price for their homes and land.

Now, the question that is on everybody's mind is how this new owner will bring grassroots development to a historically abandoned part of the city? Who is going to benefit? Are the new jobs going to be there for the local residents? Or will they be shipped away from where they have been living for more than 50 years? How many of them will refuse to move? Maybe eminent domain will prevent them from being against development?

Related Links:

Get WallStreet365Live: CEOs News, Wall Street News, Companies News ...
CEOS News, Wall Street News, Companies News....