Mar-a-Lago doubles initiation fee

Mar-a-Lago doubles initiation fee

Story Video: Click here

PALM BEACH, Fla.-- Mar-a-Lago, the Palm Beach resort owned by the Trump organization, has doubled its initiation fee following president Donald Trump's White House win.

CNBC reports that sources close to the exclusive resort say the initiation fee is now $200,000 and took effect on January first.

A spokesperson for the Trump organization did not respond to CNBC's request for comment, but the timing is likely to add to criticism that the Trump organization is trying to benefit from the president's election.

The initiation fee for Mar-a-Lago had been $100,000 since 2012, when it was cut from $200,000. People close to the resort said the fee was lowered following a decline in memberships after the Bernie Madoff scandal.

Members also pay an annual fee of $14,000.

The 20-acre resort has a main mansion with more than 100 rooms, along with private quarters for Trump and his family. It also has a beach club, pools, restaurant, tennis courts, and a 20,000 square-foot ballroom that Trump built for events.

Since becoming president, Mr. Trump has resigned his position as CEO of the Trump organization and has put his assets into a trust. The Trump organization is now run by his two sons. 

WPTV