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Golfer Graeme McDowell’s firm lost €507,000 after hurricane wiped out holiday home

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Graeme McDowell. Photo: John Dickson/Sportsfile

Graeme McDowell. Photo: John Dickson/Sportsfile

Graeme McDowell. Photo: John Dickson/Sportsfile

The golf firm owned by Graeme McDowell took a $616,639 (€507,836) hit after a hurricane wiped out a holiday home owned by the company.

In September 2019, a holiday home owned by the 2010 US Open winner on the Abaco Golf Club estate on the island of Grand Abaco in the Bahamas was flattened by Hurricane Dorian.

The hurricane was the worst natural disaster in the Bahamas’ history and the Portrush native said at the time that the eye of the hurricane passed right over the island and every house was flattened.

“It hurts Kristin and I to lose our house but to see people losing their lives down there along with people losing their homes and now not knowing what to do with their lives is an enormous tragedy that we are still trying to come to terms with,” McDowell said  the aftermath of the hurricane,  

New accounts filed by McDowell’s Boyport Services Ltd refer to the hurricane impact stating the company’s investment property “was completely destroyed by a hurricane”.

A note says that the $616,639 exceptional cost relating to the home’s destruction “represents the full write-off of all costs of the property, excluding the costs of the land, less insurance received in respect of a related insurance claim”.

The exceptional cost contributed to post-tax profits at Boyport Services Ltd decreasing by 17pc from $1.673m in 2018 to $1.38m in 2019.

The company paid out a dividend of $1.42m in 2019 and this followed a dividend payout of $2.87m in 2018.

At the end of December 2019, the company had accumulated profits of $16.29m while the company’s cash increased almost four fold to $2.95m.

On the up-to-date valuation of the holiday home site, the accounts state that an independent valuer was unable to gain access to the property as it was in a location severely impacted by a hurricane.

The note states that the investment property now comprises of land only.

Over the years, McDowell has invested off the golf course and has opened two restaurants in Florida where he currently lives.

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