15 estadios: ¿Es este el único imperio comercial de Trump en el que no ha exagerado?

Trump may be the president who loves golf the most in American history—he played approximately 261 rounds during his first term, with security and travel expenses costing taxpayers over $100 million. But for Chinese readers, what is more intriguing is that this "money-burning" hobby is precisely one of his most profitable business ventures. Forbes' latest estimates show that, under Trump’s ownership, there are 14 private golf courses plus one licensed branded course, with total revenue in 2024 exceeding $350 million, and an overall valuation of about $1 billion, which is one-sixth of his $6.1 billion net worth.

What is even more thought-provoking is that this businessman, known for exaggeration, is actually "relatively honest" about his golf assets. Although he is still accused of overstating land area and undervaluing member deposits, even under conservative valuation, this golf empire’s worth remains solid. The Doral Resort, after debt deduction, has a net worth of $255 million, making it his second most valuable property after Mar-a-Lago among all his real estate holdings; while the Tumberly course, though long operated at a loss, saw a 15% revenue increase in 2024 and may host the British Open again.

Trump has always liked to exaggerate his business achievements. For many years, he even impersonated his fictional spokesperson John Barron to lobby Forbes to raise his net worth estimates, and openly lied about the scale of his top-floor apartments and other properties. When discussing his golf course assets, Trump’s boasts are as long as five holes.

Various legal documents reveal multiple issues with Trump’s financial accounting: improper inclusion of sunk costs, overestimation of land value, underestimation of member deposit liabilities—such as the deposits that must be refunded when members leave. Yet, his financial disclosures after becoming president, as well as other public filings, do not clearly specify the basis for asset valuation calculations.

Trump also deliberately exaggerated the land area of his golf properties. For example, he has claimed that Trump National Doral Golf Resort covers 800 acres, but property records show the actual size is less than 700 acres.

However, even with data inaccuracies and contradictions, one thing is undeniable: Trump’s golf business empire is quite valuable.

He owns 14 courses outright, plus one licensed branded course, with total revenue in 2024 estimated at over $350 million. Forbes’ estimates put the overall valuation of these golf properties at about $1 billion, accounting for one-sixth of his $6.1 billion net worth. Doral Resort, after debt, is valued at $255 million, making it his second most valuable property after Mar-a-Lago in Palm Beach, Florida, valued at $564 million.

Even in 2023, under pressure from New York officials and judges, Trump sold the lease of a public golf course in the Bronx, yet his golf industry continues to thrive. First, this deal reportedly netted him $60 million; additionally, the buyer Bally’s obtained a casino license for the site last December, triggering contractual clauses that will earn Trump another $115 million.

Forbes’ estimates show that in 2020, at the end of Trump’s first presidential term, the operating profit of ten Trump golf clubs in the U.S. was $19 million; by 2024, it had increased to $66 million. Meanwhile, several Trump-branded golf courses are under construction in multiple countries, including Oman, Qatar, Saudi Arabia, Indonesia, and Vietnam, with projects in Bali and Java. The common model for these collaborations is that before the courses officially open, Trump can collect a large brand licensing fee, and continue to receive a share of revenue for years afterward.

But for Trump, who loves golf, these courses are not only business ventures but also sources of pleasure. The Washington Post reports that he played about 261 rounds during his first term; while the Huffington Post disclosed that his travel and security expenses during his second term cost taxpayers over $100 million.

Below is an overview of the 15 golf courses currently owned by Trump.

1. Trump National Doral Golf Resort

Miami, Florida, USA

Estimated revenue in 2024: $110 million

Source: BEN JARED/PGA TOUR/GETTY IMAGES

The New York Times reported in 2020 that Trump spent $150 million (about $220 million today) to acquire the nearly bankrupt Doral Resort in 2012, then invested $213 million in extensive renovations. This resort, with four 18-hole courses, may undergo a new round of upgrades. In 2022, Trump Organization proposed demolishing two main buildings, reducing guest rooms from 643 to 470, and simultaneously building over 2,200 residential apartments with leisure and retail facilities. The plan was later scaled back, with about 1,500 units approved in early 2024. According to Trump’s 2025 financial disclosure, he refinanced a $125 million, 10-year mortgage at a 4.9% interest rate in 2022.

When Trump first ran for president, Doral lost many customers from the northeastern U.S.; but after the COVID-19 pandemic, its performance has steadily improved, with estimated operating profit reaching $25 million in 2024, double the best year during his first White House term. This year, the iconic “Blue Monster” course hosted the Cadillac Championship, marking the PGA Tour’s return after ten years. From 2022 to 2025, the course also hosted LIV Golf League events.

2. Trump National Bedminster Golf Club

Bedminster, New Jersey, USA

Estimated revenue in 2024: $33 million

This club officially opened in 2004. Two years ago, Trump took over the troubled project; he claimed the purchase price was “far below the $35 million invested by the previous owners.” The club covers about 600 acres, with a 36-hole course located an hour west of New York City. It is called Trump’s “Summer White House,” as he likes to spend weekends there during hot months, then move to Mar-a-Lago for winter. The Telegraph reported that once, he landed a helicopter just ten feet from the club’s pool. The estate also includes a Trump family mausoleum, where his first wife Ivana was buried in 2022. In 2009, his daughter Ivanka’s wedding was held there.

In 2017, Bedminster hosted the U.S. Women’s Open. The 2022 PGA Championship was also scheduled there, but after the January 6 Capitol riot, the PGA withdrew its sanction. Bedminster was not vacant; instead, it became the first Trump course to host LIV Golf League events—the third stop of the league’s 2022 season. Court filings show Trump earned about $800,000 from hosting this event.

According to Golfweek, part of the land is used for hay cultivation, timber harvesting, and goat grazing, qualifying for agricultural tax reductions, which can reduce property taxes by up to 98%. The Financial Times reported that Trump recently removed 12 goats, but the land still enjoys this tax benefit, saving about $240,000 annually.

3. Trump International Tumberly Golf Resort

Tumberly, Scotland

Estimated revenue in 2024: $30 million

Tumberly is perhaps Trump’s most famous golf club, having hosted four British Open Championships (1977, 1986, 1994, 2009) and two Women’s British Opens (2002, 2015). Trump bought the resort in 2014 for $65 million (about $91 million today), and in 2017, his son Eric unveiled a renovated second course named “King Robert the Bruce Course.” Forbes estimates Tumberly’s overall valuation at $75 million. This year, the resort will add a 12-hole, three-par course called “Trump’s Twelve.”

Despite investing about $80 million in upgrades, Tumberly had long operated at a loss. Recently, however, its performance has improved, with revenue rising 15% to $30 million by late 2024. R&A CEO Mark Darbon said he would not rule out hosting the Open again at Tumberly, though his predecessor Martin Slumbers stated in January 2021 that the event would not be held there until the environment was suitable, after the Capitol riot.

4. Trump International West Palm Beach Golf Club

West Palm Beach, Florida, USA

Estimated revenue in 2024: $29 million

In September 2024, an assassination attempt on Trump occurred here. This was his first golf course in West Palm Beach, located 4.5 miles west of Mar-a-Lago. Opened in 1999 with over $40 million invested, a second nine-hole course was added in 2002. Designer Jim Fazio moved 2 million cubic yards of earth to create the rolling terrain, rare in flat South Florida. The course is owned by Trump, but the land is not. He previously sued Palm Beach County over noise from planes flying over Mar-a-Lago; after settlement, he signed a 99-year lease for 214 acres, paying $88,338 monthly rent.

In 2012, Trump launched a new membership program waiving initiation fees to attract members, which upset many who paid $150,000 initially. But they were lucky; according to the Washington Examiner, Trump raised the fee to $350,000 in 2021.

5. Trump National Jupiter Golf Club

Jupiter, Florida, USA

Estimated revenue in 2024: $28 million

Located just half an hour from West Palm Beach, this course was designed by legendary golfer Jack Nicklaus and opened in 2002. Ten years later, Trump acquired it for $5 million in cash plus the assumption of up to $41 million in member deposits. The 285-acre club features a 11th hole with an island green and has environmental certification under the Audubon Cooperative Sanctuary Program. In 2017, Trump and Japanese Prime Minister Shinzo Abe played there together.

6. Trump National Washington Golf Club

Potomac Falls, Virginia, USA

Estimated revenue in 2024: $21 million

This club has a 36-hole course and an indoor tennis center overlooking the Potomac River. It is about 25 miles from the White House. Reporter Philip Bump tracked that Trump played at least 32 rounds here during his second term, second only to West Palm Beach. He bought the course in 2009 from a local bank for $13 million; nearly 20 years earlier, the bank had repossessed it from the original developer. The Trump family claims they invested at least $25 million in renovations. The course features a Trump-style memorial plaque commemorating a supposed Civil War battle that allegedly took place there, though no historical evidence exists. Recently, the site made headlines: Saudi Public Investment Fund announced it would no longer fund LIV Golf after this season, but a week later, LIV held a stop at this club.

7. Trump National Coeur d’Alene Golf Club

Coeur d’Alene, Idaho, USA

Estimated revenue in 2024: $16 million

This club is located between the sprawling horse farms of Mahoosuc County. Like Bedminster, it benefits from agricultural tax reductions. After playing 18 holes, golfers can challenge the 19th hole with an island green on the adjacent clubhouse. Opened in early 2005, Trump bought it in 2008 for $28 million (about $43 million today). The club is situated near Norman Lake, north of Charlotte, surrounded by thousands of residential units.

8. Trump National Los Angeles Golf Club

Rancho Palos Verdes, California, USA

Estimated revenue in 2024: $17 million

This public course on the California coast near Los Angeles went bankrupt before opening in 1999 due to a landslide. Trump bought the land in 2002 for $27 million (about $50 million today), and it officially opened in 2006, with high green fees. He claimed the total construction cost was $264 million, making it the most expensive golf course in the world. However, Variety reported that in 2008, Trump’s agents declared the property’s value at only $10 million for tax assessment purposes. After Trump called Mexican immigrants “rapists” and “murderers” in 2015, the PGA announced it would no longer hold major tournaments there.

9. Trump National Colts Neck Golf Club

Colts Neck, New Jersey, USA

Estimated revenue in 2024: $16 million

Located between contiguous horse farms in Monmouth County, this club also enjoys agricultural tax reductions. After playing 18 holes, golfers can challenge the 19th hole with a 3-par island green. Opened in early 2005, Trump bought it in 2008 for $28 million (about $43 million today). Besides the standard course, there is a 5-hole short course and a helicopter pad built despite local opposition.

10. Trump International Golf Club Ireland

Dunbar, Ireland

Estimated revenue in 2024: $14 million

This links-style course opened in 2002, designed by Greg Norman. According to Trump’s 2014 financial disclosures, he purchased it for $16.6 million (about $24 million today). The resort includes a hotel with 218 rooms, but Trump Group owns only part of the hotel. He proposed building a seawall to prevent erosion, but Irish authorities rejected the permit in 2020, citing environmental concerns, including threats to a rare snail species.

11. Trump National Weschester Golf Club

Briarcliff Manor, New York, USA

Estimated revenue in 2024: $9 million

Founded in 1922, this club has been called Briarcliff, Briar Hill, and Briar Hall. Trump bought it in 1996 at auction for about $8 million (about $17 million today), and reopened it in 2002 after renovations. Located about 30 miles from Manhattan, it is not far from his other courses—Hopewell, Chancellors, Bedminster, and Colts Neck. Trump previously claimed the property was worth over $50 million; but in 2016, when he sued Ossidney Township for tax reduction, he claimed it was only worth $1.4 million on 140 acres. The two sides settled, and the 2021 valuation was set at $9.5 million. The club has attracted many celebrity members, including Joe Torre, Jack Nicholson, and Bill Clinton.

12. Trump National Philadelphia Golf Club

Pine Hill, New Jersey, USA

Estimated revenue in 2024: $7 million

Trump bought this 365-acre club in 2010, located on the border of Pennsylvania and New Jersey, overlooking the Philadelphia skyline. It is not the highest point in South Jersey as claimed on his website. The nearby Pine Valley Golf Club, ranked among the world’s top courses, is about four miles away. In a 2014 interview, Trump claimed his course “is just as good as Pine Valley, if not better,” and that “Pine Valley members often come here to play.”

13. Trump National Hudson Valley Golf Club

Hopewell Junction, New York, USA

Estimated revenue in 2024: $7 million

This course in Dutchess County is adjacent to Stormville Mountain. Originally a buffalo farm, it opened as Branton Woods in 2002, and Trump acquired it a few months later, renaming it. After the purchase, the New Poughkeepsie Journal reported that Trump doubled the staff and increased membership by over 40%.

14. Trump International Dubai Golf Club

Dubai, UAE

Estimated revenue from licensing and management fees in 2024: $6 million

The property belongs to UAE developer Damac Crescent Properties. In 2024, Trump received about $5 million in branding fees and $1 million in management fees. Designed by Gil Hanse, it opened in 2017. After the 2015 San Bernardino shooting, Trump called for a “total and complete ban on Muslim entry into the United States until our government can figure out what is going on,” leading to removal of all Trump-branded signage on the site. Damac founder Hussain Sajwani told CNN in 2016, “We faced enormous public pressure, but ultimately decided to honor the signed agreement.” Recent tensions between the U.S. and Iran also pose risks: reports indicate that in March, Iranian drones attacked a nearby airbase and residential buildings.

15. Trump International Scotland Golf Resort

Aberdeenshire, Scotland

Estimated revenue in 2024: $6 million

In 2006, Trump purchased 1,400 acres north of Aberdeen. He strongly opposed local wind farms, but ultimately failed to block their construction. According to his 2012 financial disclosures, he invested $41.1 million into the land, and six years later, built and opened the course. In his 2025 filings, he valued the club at “over $50 million,” but Forbes’ conservative estimate is about $12 million. Last year, the resort added an 18-hole course and hosted the DP World Tour’s Scottish Open for the first time. Revenue continues to grow, approaching break-even point.

Alexander, Kyle Khan-Mullins