Photo credit: www.cnbc.com
A new exclusive membership club in Washington, D.C., co-founded by Donald Trump Jr., has instituted a $500,000 fee for entry, garnering considerable interest with a waiting list already forming.
Named Executive Branch, the club debuted with a launch party that attracted numerous prominent figures from President Donald Trump’s administration, alongside affluent CEOs, tech entrepreneurs, and policy advisors, as reported by insiders wishing to remain anonymous.
The creation of Executive Branch was spearheaded by Donald Trump Jr. in partnership with Omeed Malik and Christopher Buskirk of 1789 Capital, where Trump Jr. became a partner last year. The founding group also includes Alex and Zach Witkoff, sons of billionaire developer Steve Witkoff, a close associate of the former president and the current Middle Eastern envoy.
Initial members reportedly include White House cryptocurrency advisor David Sacks, cryptocurrency investors Tyler and Cameron Winklevoss, and tech investor Chamath Palihapitiya, as per sources speaking to CNBC.
Alongside the hefty membership fee, the club plans to implement annual dues, though specific figures have yet to be announced.
Executive Branch is set to open within the next month in Georgetown, Washington, D.C., according to informed sources.
Get Inside Wealth directly to your inbox
This venture is part of a broader trend of private membership clubs that have emerged in major cities such as New York, Miami, and Los Angeles after the Covid pandemic. Typically, these clubs provide exclusive dining and social spaces, meeting rooms, gyms, and spas with membership fees generally ranging from $4,000 to $10,000. Some clubs, like New York’s Aman Club, charge up to $200,000.
With a membership fee that outstrips the Aman Club’s by a significant margin, Executive Branch positions itself as one of the priciest private clubs in the nation. Unlike popular establishments in New York such as Zero Bond or Casa Cipriani, sources reveal that Executive Branch aims for a more curated, smaller membership.
Insiders in Washington suggest that Executive Branch may serve a social-political function similar to that of the Trump International Hotel during Donald Trump’s first term. The Trump Hotel became a favored locale for administration staff, Republican leaders in Congress, foreign dignitaries, and business influencers.
However, the hotel faced significant ethical scrutiny, leading to the Trump Organization selling its lease in 2022.
The launch event for Executive Branch featured notable attendees such as Secretary of State Marco Rubio, SEC Chairman Paul Atkins, Attorney General Pam Bondi, FTC Chairman Andrew Ferguson, and FCC Chairman Brendan Carr, as well as Director of National Intelligence Tulsi Gabbard, deputy FBI director Dan Bongino, and Mehmet Oz, head of the Centers for Medicare and Medicaid Services, according to attendee accounts.
Numerous tech entrepreneurs and CEOs were also present, including AppLovin CEO Adam Foroughi.
Prospective members are subjected to thorough vetting processes overseen by the founders. Although some candidates have expressed willingness to pay up to $1 million for membership, entry requires referrals and stringent scrutiny.
According to a source close to the club, “We want to ensure privacy for our members,… keeping out media figures and a surplus of lobbyists. Comfort in private conversations is paramount.”
Source
www.cnbc.com