US President's Mar-a-Lago club doubles membership fee to $200,000

pulse

January 25, 2017 6:45 PM

The resort has doubled its initiation fee for new members to $200,000, according to CNBC sources.

Mar-a-Lago.

It just got more expensive to share a resort with the president.

The Trump Organization's premiere Florida property, The Mar-a-Lago Club in Palm Beach, has doubled its initiation fee for new members to $200,000, according to CNBC sources.

CNBC notes that there's no way to know if the price increase is due to rising demand for memberships, but there's no doubt the club has enjoyed a higher profile as of late. The changes went into effect January 1.

President Donald Trump visited the club multiple times as both candidate and president-elect. He will use the resort as his winter White House, and is planning a trip there as soon as February 3, according to The New York Times.

The initiation fee was previously $200,000 up until 2012, when it was cut down to $100,000 following the Bernie Madoff scandal. To retain access to the resort, members must also pay $14,000 in yearly dues.

The resort itself is 20 acres of land, with a 20,000-square-foot ballroom, beach club, large pool area, tennis courts, and restaurants. Trump purchased it in 1985 for $10 million before turning it into the club it stands as now. It counts Marvel Entertainment CEO Isaac Perlmutter and New England Patriots owner Robert Kraft among its members.

pulse