Donald Trump may no longer be flirting with becoming the leader of the free world, but he's extending his empire of golf resorts by agreeing to purchase the Doral Golf Resort & Spa for a cool $170 million. The property was put into bankruptcy earlier this year.
Originally founded in 1962 by Alfred Kaskel, the man who coined the name Doral for the area, the resort was taken under the control of hedge fund Paulson & Co and Winthrop Reality Trust earlier this year and then promptly filed for bankruptcy. It was put up for sale shortly after the filing.
Bloomberg confirms that the Trump Organization will now take control of the property for $170 million. The agreement will be filed next week in the the U.S. Bankruptcy Court in New York, and the transaction will be completed by the next financial quarter.
However, there will still be an auction held to attract better bids before the transaction is final, but it doesn't appear that any other organizations will step forward.
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The Trump Organization includes several luxury golf resorts in the United States, including Trump National Golf Club in Briarcliff Manor, New York, Trump National Golf Club in Bedminster, New Jersey, Trump International Golf Club in West Palm Beach, and Trump National Golf Club in Los Angeles.
The Doral Golf Resort includes five championship golf courses and has been a yearly stop on the PGA tour.