January 13, 2004 --
Donald Trump reached an agreement with Coldwell Banker to sell luxury waterfront homes on 300 acres in Rancho Palos Verdes, near Los Angeles. It's the New York real estate magnate's first development in California.
The development's first phase will have 36 homes that will be known as the Estates at Trump National Golf Club, along with a clubhouse and a championship golf course. Rancho Palos Verdes, about 30 miles southwest of downtown Los Angeles, is one of the state's five most expensive communities for homes, according to the California Association of Realtors.
The residential portion of the development, which will be called the Estates at Trump National Golf Club, will encompass 85 acres. Each of the 36 homes will be custom-designed, with construction beginning in March. The 215-acre, 18-hole Trump National Golf Club - a rebuild of an existing golf course - is scheduled to open in June.
Trump is the chairman and chief executive officer of Trump Hotels & Casino Resorts Inc. He's also appearing in NBC's reality show, "The Apprentice."
Bloomberg
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