President Donald Trump’s golf clubs and resorts have lost a reported $315 million and Trump National Doral Miami has accounted for more than half those losses. More than $351 million in combined losses has been reported since 2000 at Trump’s golf courses across the U.S and in Europe.
His largest golf property, Trump National Doral Miami, seems to be the biggest money pit. Trump bought the property for $150 million in 2012 and from then, to 2018, the property has lost a shocking $162 million in total, according to a New York Times investigation into the president’s tax returns.
Apart from the losses, Trump also ploughed a reported $213 million into the resort and an enormous loan of $125 million from Deutche Bank, comes due in three years. It has not been all sandtraps and bogeys for Doral. Trump could use the loss to offset future tax payments.
And after Trump announced he was running for president in June 2015, revenue doubled to $13 million through that August (compared to the previous year). The resort also collected at least $7 million in 2015 and 2016 for a Bank of America event and at least $1,2 million in 2017 and 2018 for a trade association representing food retailers and wholesalers.
The U.S. Chamber of Commerce also paid Doral more than $406,000 in 2018. According to The Times, $119 million of $130 million in Trum’s personal and corporate charitable contributions come reported to the Internal Revenue Service come from four conservation-easement deductions.
To qualify for the deduction, Trump agreed not to develop a portion of his property. He received this deduction at Trump National Golf in Los Angeles. This is part of the New York attorney general’s investigation into whether appraisals on Trump properties are inflated and, if so, it would make the tax deductions he receives, equally inflated.
Trump’s three European golf properties (two in Scotland, one in Ireland) have a reported combined $62,6 million in losses. Mar-a-Lago Club in South Florida (also known as Trump’s “Southern White House) is still profitable.
A surge of new members meant he pocketed an additional $5 million per year since 2015. The property has been a source of millions of dollars in expenses deducted from taxable income, including $109 000 for linen and silver and $197 829 for landscaping in 2017.
Another business expense was the $210 000 paid to a photographer over the years for shooting events at the club. Covid-19 did not go easy on Trumps employees as the golf properties laid off hundreds of workers (including at Mar-a-Lago and Doral).