Donald J. Trump, real estate tycoon and television personality, said his firm Trump Organization will acquire the Irish golf resort designed by Greg Norman and initially developed by South Carolina's Kiawah Partners, which is currently facing financial problems. The takeover will also include the Doonberg lodge, which is associated with the golf course.
The Doonberg race course in County Clare opened in 2002, but has been in the red ever since. The lodge opened in 2006, but while the debts of both continued to mount over the years, it did not put off potential buyers from bidding for these luxury properties.
Quoting Trump Organization, GolfChannel.com says the resort will be bought for an estimated $20.5 million, with the final agreement set to be signed next Saturday.
A statement issued by Trump on Tuesday said the resort at Doonbeg in Ireland is an excellent property and they plan to make it better still. Soon the resort will include the best luxury standards and become an unmatched resort destination, the statement said. However, further details were not available.
Following the acquisition, Trump Organization has plans to rename the Doonberg Golf Club to "Trump International Golf Links Ireland," taking a cue from the company's Trump International Golf Links in Scotland. Covering over 400 acres facing the Atlantic Ocean, this golf course will be the 16th course and the Doonberg lodge the 12th hotel in Trump Organization's portfolio.
Following the sale, all members of different golf clubs of Trump as well as its business clients will be able to enjoy the five-star Doonbeg lodge, which comprises 218 hotel suites plus cottages, an extensive spa and many restaurants.
Although there was no dearth of potential buyers, the sale occurred roughly eight months after Kiawah Partners was acquired by South Street Partners for an estimated $360 million. Now South Street Partners, based in Charlotte, has sold the entire overseas properties, which were included in the sale, to concentrate on developing and marketing the residential property it owns on Kiawah Island, South Carolina.
The sale of this Irish property to Trump marks the billionaire real estate investor's second business deal in the Lowcountry. His son, Donald Trump Jr., is already a real estate investor in North Charleston. Apart from investing in real estate, Trump Sr. also hosts the reality television show "Celebrity Apprentice."
