The luxury spa castle that was designed to revitalize the town of Davenport, Iowa, was slated to be sold by the Trump family for $28 million, but the bid price was far below what the family actually paid, according to two people familiar with the sale.
The property is one of several that Trump is eyeing for the future, the people said.
It is unclear whether Trump plans to use the sale proceeds to build a new Trump-owned golf course, which would be part of a larger plan to revamp the town.
The sale comes as the Trump Organization continues to grapple with its finances after a string of scandals, including the president’s refusal to release his tax returns.
Last month, the New York attorney general’s office filed a criminal complaint against Trump over his failure to disclose more than $1.4 million in business income in a foreign bank account in a tax filing.
The investigation has led to his ouster as Trump’s top adviser and his resignation from the presidency.
Trump, who has faced numerous ethics complaints over the years, has denied wrongdoing.
The Trump Organization did not respond to a request for comment.
Trump has repeatedly said that he has no financial interest in the property, which was purchased for $2.5 million by the family of the late Steve Wynn in 2012 for $7 million.
Trump sold the property to the Wynn family for more than a decade before selling it to the Trump clan in 2016.
The resort is a landmark for Davenpaugh, a town of about 8,000 people that was a manufacturing hub until the 1970s.
The hotel opened in 1977 and now features the hotel’s signature four-star pool.
In addition to the hotel, the resort offers restaurants, golf courses, and spa treatment facilities.
Trump is scheduled to spend $1 million on the resort, according the people familiar.