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In 2005, Turnberry's revenue was £15.4M.
Over next 12 years, the resort was sold & renovated twice, with at least $65M in renovations by Dubai World in 2009, and at least $72M by Trump Org after its purchase in 2014.
After all that, Turnberry's total revenue in 2017 was £15.2M. https://twitter.com/russchoma/status/1290714172158812161
Over next 12 years, the resort was sold & renovated twice, with at least $65M in renovations by Dubai World in 2009, and at least $72M by Trump Org after its purchase in 2014.
After all that, Turnberry's total revenue in 2017 was £15.2M. https://twitter.com/russchoma/status/1290714172158812161
So in 2017, after *a minimum* of $137M in renovations had been poured into it, Turnberry's revenue was somehow less than what it had been in 2005.
(Though, even in 2005 the resort was losing money – the last year Turnberry managed to eke out a profit was 2002.)
(Though, even in 2005 the resort was losing money – the last year Turnberry managed to eke out a profit was 2002.)
For his part, Trump claims to have spent $200M on renovating the resort. That's total bullshit – the real figure isn't that high – but Trump Org truly has spent a minimum of $60M to purchase + $72M in renovations on Turnberry.
And all of that was, somehow, paid for in cash.
And all of that was, somehow, paid for in cash.
Not to mention that, from 2014-2019, Turnberry posted losses totaling $46 million.
So that's at least $178 million total "in cash" that Trump Org has thrown into Turnberry, with no indication so far that the property will ever be capable of turning a profit.
So that's at least $178 million total "in cash" that Trump Org has thrown into Turnberry, with no indication so far that the property will ever be capable of turning a profit.
There's been a lot of great reporting on Turnberry (and Trump Scotland), but what it all boils down to is this: none of what Trump claims about how he bought and paid for his Scottish properties is true. It didn't happen. The whole pretense is ludicrous.
But that leaves the question of what really is going on with Turnberry, and where all that cash came from, and why Trump decided to pour it into a Scottish golf course that he'll never ever recoup his investment on.
And as of yet, that's something no one has been able to answer.
And as of yet, that's something no one has been able to answer.
