This article is from page 5 of the 2014-09-02 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 5 JPG
THE SALE of the year in the county has since become the bargain of the year as it emerged that flamboyant US billionaire Donald Trump paid € 6.5 million less for the Greg Norman designed golf course and resort in Doonbeg.
According to the filings with the Companies Office the Trump organization paid just € 8.7m for the luxurious Doonbeg golf resort.
It was previous suspected that the resort had been sold for € 15 million in February to Mr Trump by receivers for the property.
A report filed by the receivers David Hughes and Luke Charleton of accounting firm Ernst and Young – showed that the proceeds from the sale of the exclusive golf destination amounted to slightly more than € 8.7 million.
The property had been developed at an initial cost of € 28m at the turn of the century. It opened in 2002 and is West Clare’s largest employer.
When he arrived in Clare to view his acquisition last May, Mr Trump promised a further € 45 million investment, hundreds more jobs and the extension of the hotel and golf course at Trump International Golf Links and Hotel Ireland.
The sale to Mr Trump included the five-star hotel lodge, seven unsold suites and the Greg Norman-designed golf course.
The sale 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.
Approximately 47 suites had been sold to investors at prices ranging between € 1.2m and € 1.8m.
The major investment into the West Clare resort begins shortly when the hotel and golf course will close for the winter season.
As part of the investment, much of the golf course is being redesigned and Donald Trump himself has recently spent time in Doonbeg walking the course with renowned golf course designer Doctor Martin Hawtree.
The highly regarded British-based Hawtree can already boast redesign work on the nearby Lahinch championship course as well as Portmarnock in Dublin and British Open venue Royal Birkdale.