Nevertheless, By the early 1990s, Trump was in financial straits. Property prices fell and several of his businesses failed, including his casino in New Jersey. He argued before the city council that he could not pay the 3 million dollars a year in maintenance and that it was unfair that he was the only one to pay that amount. He proposed dividing the property into several mansions. The city council rejected the idea.
In 1993, Trump struck a deal with the city to convert the property into a private club. It would have a limit of 500 members, with an initial fee of $ 200,000 and annual payment of 14,000.
Under that agreement, a member can stay in a room for no more than seven consecutive days or 21 days in total for an entire year, but there is no prohibition on an employee’s residence.
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