Saturday 27 December 2014

Bargain bid - Doonbeg resort costs Donald Trump just €8.7m

Published 27/08/2014 | 02:30

Donald Trump (inset) paid €8.7m for Doonbeg
Donald Trump (inset) paid €8.7m for Doonbeg

Flamboyant US billionaire Donald Trump paid €8.7m for the luxurious Doonbeg golf resort in Co Clare, filings with the Companies Office have revealed.

The high-profile resort was sold in February to Mr Trump by receivers for the property.

A report just filed by the receivers - David Hughes and Luke Charleton of accounting firm Ernst & Young - shows that the proceeds from the sale of the exclusive golf destination amounted to slightly more than €8.7m.

It had been speculated that Mr Trump had paid around €15m for the property, which had been developed at an initial cost of €28m when it opened in 2002.

The sale to the businessman didn't include a number of luxury suites that had been sold to investors during the boom and leased back to the hotel. They bought those suites as investments, expecting to generate annual rental income and capital appreciation. Some 47 suites had been sold to investors at prices ranging between €1.2m and €1.8m.

The sale to Mr Trump included the five-star hotel lodge, seven unsold suites and the Greg Norman-designed golf course. Mr Trump has pledged to invest up to €45m in Doonbeg and create hundreds of jobs. He said he would transform Doonbeg into a "truly iconic" golf destination.

The property has been rebranded as the Trump International Golf Links and Hotel Ireland.

Irish Independent

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