Trump Turnberry

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Donald Trump purchased the famous Turnberry golf course in April of 2014. The course had previously hosted the Open Championship four times. Trump reportedly paid $63 million (estimated conversion) to buy the golf course and resort from Leisurecorp. Trump reportedly paid £35.7 million for Turnberry ($63 million at the 2014 conversion rate). Leisurecorp, a "subsidiary of the Dubai government" had previously purchased Turnberry in 2008 for £52 million and invested £40 million upgrading the property. At the time of the purchase, Trump reportedly vowed not to redevelop the course. It is unclear why the previous owners opted to sell at a total loss of £56.3 million.

Trump has pledged to invest $250 million renovating the course. A $10 million renovation of the local clubhouse has already been completed. [1]

During the 2016 US Presidential campaign, Donald Trump threatened to withdraw his investments in Scotland if the British Parliament approved a proposal to ban him from entering the United Kingdom in response to his bigoted campaign statements about Muslims.[2]

Fast Facts

Underlying Assets: Golf Course and Resort Location: Turnberry, Scotland Purchase Date: April, 2014 Purchase Price: ~$63 million Reported Income: $20,395,000 (<a href="">2015</a>) Actual Income: ($12,400,000) (<a href="">2015</a>) Discrepancy: +$32,795,000 Website: <a href=""></a>

Purchased for $63 Million in 2014

Conflicting Income Reports

Trump reported that Trump Turnberry earned income of $20,395,000 in his <a href="">2015 financial disclosure</a>. Trump <a href="">reported to British officials</a> that Turnberry lost approximately $12.4 million in 2015. Trump has told reporters that the discrepancy reflects his decision to report "projected future income" on his campaign finance disclosures, rather than actual income.

Trump said in the interview that the amounts listed in his financial disclosures are based on "projected future income." He attributed the losses to ongoing construction projects and said he has yet to unlock the value in developing the properties for housing. "They’re only losing money because they’re not open," he said. Actually, his golf course and hotel in Aberdeenshire are open as is his hotel in Ireland, although that golf course is only partly open, the rest under renovation. Trump said he’s spending $58 million on Turnberry which he closed last September for refurbishment. (Bloomberg, <a href="">February 24, 2016</a>)

Eric Trump has claimed that the figures released by Trump to American voters reflect "gross revenue."

Trump told Bloomberg News, which <a title="" href="" target="_blank" shape="rect">first reported</a> on the gap between the reports, that the amounts he listed on his U.S. filings were “projected future income.” Trump’s son Eric, who takes the lead in golf course developments, said in an interview that the U.S. disclosure forms report gross revenue, not net income. He also said the British and Irish courses are losing money only because the Trump Organization is spending aggressively to turn them into leading international resorts. (Washington Post, <a href="">June 22, 2016</a>)

Ownership Structure

Trump's golf course and resort are owned by a company named Trump Turnberry. Trump Turnberry also owns 100% of Nitto World Co., Limited - a company that has no reported value, no reported income, and no reported assets. Ownership of Trump Turnberry ultimately traces 100% back to Donald J. Trump.

Trump Turnberry:

100% owned by Golf Recreation Scotland LLC
100% owned by Turnberry Scotland LLC
1% owned by Turnberry Scotland Managing Member Corp.
100% owned by Donald J. Trump
99% owned by DJT Holdings LLC
99% owned by The Donald J. Trump Revocable Trust
1% owned by DJT Holdings Managing Member LLC
100% owned by The Donald J. Trump Revocable Trust

(Trump's <a href="">2016 Financial Disclosure</a>)

The Donald J. Trump Revocable Trust is managed for the "<a href="">exclusive benefit</a>" of Donald Trump.

Tournament Canceled Over Trump Controversies

In December of 2015, Scottish officials voted to cancel plans to hold The Open - a prestigious golf tournament - at Turnberry. The decision was a response to Trump's intemperate remarks about ... well... <a href="">read for yourself</a>. 5/1/14: Trump buys Turnberry from Saudis for $63 million

Donald Trump expanded his golf empire with his biggest acquisition yet - Turnberry. Trump announced that he has agreed to buy the picturesque links course and resort on the west coast of Scotland, which has hosted the British Open four times. The Independent in London reported that Trump paid Dubai-based Leisurecorp just over $63 million. Turnberry is the 17th golf property owned by Trump, 12 of them in the United States. (Washington Post, May 1, 2014)

10/12/16: Turnberry reports 2015 losses of $12.4 million

A pair of luxe Scottish golf resorts operated by Donald Trump suffered millions of dollars in losses during 2015, according to recent filings with a U.K. government agency, adding another complication to Trump's pitch for the White House, in which he has frequently emphasized his business acumen. Golf Recreation Scotland Limited, which operates the Trump Turnberry luxury resort in Ayrshire, reported a loss of about 8.4 million British pounds (about $12.4 million at the time) in 2015, according to a filing with Companies House, an agency that collects information from companies and makes it available to the public. The course underwent an expensive renovation that was completed earlier this year. On the filing, Trump's son Eric Trump, who like his father is listed as a director, writes that "the operating loss before depreciation and foreign exchange for the nine months pre closure period" that ended on Sept. 30, 2015, was 254,000 pounds, and the loss for the financial year "before depreciation, amortisation and foreign exchange" was 1.65 million pounds. Eric Trump wrote in the filing that revenue is expected to increase after the renovation. Trump International Golf Club Scotland Limited, which oversees the Trump International Golf Links near Aberdeen, suffered an operating loss of nearly 1.1 million British pounds (about $1.6 million at the end of 2015), according to its filing. According to previous filings for the resort, Trump lost more than 4.7 million pounds dating back to 2012. (Washington Post, October 12, 2016)

Footnotes and Citations

  1. Trump has pledged around $250 million in investment toward his Turnberry resort, and with gold fixtures, marble floors and shimmering glass now adorning the recently renovated clubhouse, it is easy to see how $10 million of that money has already been spent. (New York Times, July 27, 2015)
  2. Donald J. Trump has threatened to abandon plans to invest more than $1 billion in Scotland if Britain bars him from entering the country over his comments that Muslim foreigners should not be allowed into the United States. In the wake of the comments late last year, which spurred a global outcry, interest surged in a petition calling for Mr. Trump, a Republican presidential contender and real estate developer, to be barred from Britain on the basis of laws against hate speech. More than 570,000 people in the country signed the petition, easily passing the threshold requiring Parliament to at least consider debating it. (New York Times, January 8, 2016)