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Tuesday 23 September 2014

Trump spends €15m on Clare resort – but it needs €1m repairs

Published 12/02/2014 | 02:30

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Doonbeg Resort, which has been bought by Donald Trump

AMERICAN billionaire Donald Trump has paid in the region of €15m for one of Ireland's top five-star golf resorts – but he will have to spend almost €1m immediately on storm damage repairs.

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The flamboyant billionaire tycoon is understood to have signed contracts with the owners of the Doonbeg Lodge and Golf Club in Co Clare on Saturday.

It's the 16th golf club in his portfolio and the first Trump Hotel Collection property in Ireland, which he plans to turn into an "unparalleled" international attraction.

Trump, whose personal fortune is estimated at $3.5bn (€2.5bn), also announced the Doonbeg resort would be renamed the 'Trump International Gold Links, Ireland'.

The sale of the spectacular Atlantic-front course follows a global marketing campaign by EY and selling agent Eastdil Secured.

Contracts for the sale were exchanged on February 8, with the New Yorker believed to have paid approximately €15m for the property.

Trump says the 400-acre course is already an outstanding property, which will be given a new lease of life with the highest standards of luxury.

However, Clare County Council – which examined all the storm damage caused across the county – has found that the bill to repair the links course will come to €954,447.

A report presented to the council found that the storm damage along the coastal interface with the golf course "was considerable in that the dune face was eroded backwards up to 10 metres to the extent that parts of the golf course were damaged".

Despite the needed renovations, Joint Receiver of the resort, Luke Charleton, said there was a "tremendous" level of interest in the property.

Trump's sons Donald Jr and Eric, who both played a part in brokering the deal, are expected to arrive in Ireland today.

Irish Independent

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