Trump agrees to $170M Doral Golf Resort deal
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Donald Trump has agreed to pay $170 million for Miami’s Doral Golf Resort & Spa Bloomberg newswire reports.
It has been reported that Trump plans to spend “well in excess” of $150 million on renovating the 650-acre resort.
“This wasn’t a discount price,” Trump told Bloomberg in a telephone interview.
“We’re paying a very full price, especially in light of the fact of how much money we’ll have to spend to bring it back to its original grandeur.”
The business magnate and reality TV star adds Doral Golf Resort to at least nine other US-based golf properties in his property portfolio since 2005.
He said he expects renovations to two years and will be actively seeking more golf deals, particularly in Florida.
“We’re looking at other opportunities,” Trump added. “We’ve been buying a lot of properties. We have a lot of cash.”
The Doral Golf Resort had been put into bankruptcy earlier this year by hedge fund Paulson & Co. and Winthrop Realty Trust.
Winthrop and Paulson foreclosed on four other resorts in January that included golfing properties The Club at PGA West just outside of Palm Springs, California and the La Quinta Resort & Club.
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