The Doral Resort in Miami has been on the clearance rack since its previous owners filed for Chapter 11 bankruptcy in February. Who better to step in and return the property to its former glory that America's most famous real estate mogul? That's right, Bloomberg reports that the Donald is ready to take over Doral.
Donald Trump agreed to pay $170 million for Miami’s Doral Golf Resort & Spa, a luxury property put into bankruptcy earlier this year by hedge fund Paulson & Co. and Winthrop Realty Trust.
The agreement will be filed with the U.S. Bankruptcy Court in New York next week, and the transaction probably will be completed in the first quarter of next year, Winthrop Chief Executive Officer Michael Ashner said in a telephone interview.
“They pushed hard to get the deal done,” he said of the Trump Organization.
“This wasn’t a discount price,” Trump said 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.”Tiger ends drought with win at putt-putt contest in mall parking lot Short Game breaking a Tour record that has stood since 1991. an excellent Q&A Tweet of the Day
Trump will pay all cash for the transaction and expects renovations to take two years.
The developer and reality TV star has acquired at least nine golf properties in the U.S. after mostly steering clear of using his own money to buy real estate since 2005. Trump is seeking more golf deals, particularly in Florida, he said.
“We’re looking at other opportunities,” Trump said. “We’ve been buying a lot of properties. We have a lot of cash.”