15 stadiums: Is this Trump's only business empire he hasn't bragged about?

Donald Trump may be the most golf-loving president 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’s more intriguing is that this money-burning hobby is actually one of his most profitable business territories. Forbes’ latest estimates show that Trump owns 14 private golf courses plus one licensed branding 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’s even more thought-provoking is that this habitual exaggerator, the businessman, is relatively "honest" about his golf assets. Although he is still accused of inflating land areas and underestimating member deposits, even under conservative valuation, this golf empire’s worth remains solid. Doral Resort, after debt deduction, has a net worth of $255 million, making it his second most valuable property after Mar-a-Lago; Tamberly Golf Course, though long loss-making, saw a 15% revenue increase in 2024 and may host the British Open again.

Trump has always loved to boast about 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 size of his top-floor apartments and other properties. When discussing his golf course assets, Trump’s bluster is 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 entrance fees that must be refunded when members leave. Yet, his financial disclosures as president and other public filings do not clearly specify how asset valuations are calculated.

Trump also deliberately exaggerated the land area of his golf properties. For example, he repeatedly 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 branding course, with total revenue in 2024 estimated at over $350 million. Forbes’ calculations 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 worth $255 million, making it his second most valuable property after Mar-a-Lago in Palm Beach, Florida, valued at $564 million.

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

Forbes’ estimates show that in 2020, at the end of his first presidential term, revenue from 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 typical model is: before the courses officially open, Trump can collect hefty licensing fees, and then continue to earn revenue sharing over many years.

But for golf-loving Trump, these courses are not just business—they are sources of joy. The Washington Post reports he played about 261 rounds during his first term; the Huffington Post discloses 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 under Trump’s name.

1. Trump National Doral Golf Resort

Miami, Florida, USA

Estimated revenue in 2024: $110 million

Image source: BEN JARED/PGA TOUR/GETTY IMAGES

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

When Trump first ran for president, Doral lost many customers from the Northeastern U.S.; but after COVID-19, operations have steadily improved, with estimated 2024 operating profit reaching $25 million—twice 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 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, claiming 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 about an hour west of New York City. It’s called Trump’s “Summer White House,” because he likes to spend weekends there during the hot months, then move to his “Winter White House,” Mar-a-Lago. The Telegraph reported that once, he landed a helicopter just ten feet from the club’s pool. The estate also includes the Trump family mausoleum, where Ivana Trump was buried in 2022. In 2009, 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 of America withdrew its hosting rights. Bedminster has not been idle; it became the first Trump course to host a LIV Golf event—the third stop of the league’s 2022 season. Court filings show Trump earned about $800k from hosting this event.

According to Golfweek, part of the land is used for hay farming, logging, and goat grazing, qualifying for agricultural tax reductions that can cut up to 98% of property taxes. The Financial Times reports that Trump recently removed 12 goats, but the land still enjoys this tax benefit, saving about $240k annually.

3. Trump International Turnberry Golf Resort

Turnberry, Scotland

Estimated revenue in 2024: $30 million

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

Despite investing around $80 million to upgrade the resort, Turnberry had long been loss-making. Recently, however, operations have 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 Turnberry, though his predecessor Martin Slumbers, after the January 6 riot, said: “We will not consider hosting there until the environment ensures the event, players, and course are the sole focus.”

4. Trump International West Palm Beach Golf Club

West Palm Beach, Florida, USA

Estimated revenue in 2024: $29 million

This was Trump’s first golf course in Florida, opened in 1999 with over $40 million invested; a nine-hole course was added in 2002. Designer Jim Fazio moved 2 million cubic yards of earth to create the undulating terrain, rare in flat South Florida. The course is owned by Trump, but the land is not. Trump 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 including the course, paying $88,338 monthly rent.

In 2012, to attract more members, Trump launched a program offering free membership, which upset some longtime members who paid $150k initiation fees. But they were lucky: according to the Washington Examiner, Trump raised the initiation fee to $350k 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 played there with then-Japanese Prime Minister Shinzo Abe.

6. Trump National Harbour Golf Club

Prince William County, Virginia, USA

Estimated revenue in 2024: $21 million

This 36-hole course, with an indoor tennis center overlooking the Potomac River, is about 25 miles from the White House. Philip Bump reports that during Trump’s second term, he played at least 32 rounds here, second only to West Palm Beach. Trump bought the Virginia course in 2009 for $13 million; nearly two decades earlier, the bank had repossessed it from the original developer. The Trump family claims to have invested at least $25 million in renovations. There’s a Trump-style memorial plaque inside, commemorating a purported Civil War battle that has no historical record. Recently, the site was in the news: Saudi PIF announced it would stop funding LIV Golf after this season, but a week later, LIV held a stop there.

7. Trump International Dubai Golf Club

Dubai, UAE

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

Owned by UAE developer Damac Crescent Properties, Trump received about $5 million in branding fees and $1 million in management fees in 2024. Designed by renowned golf architect Gil Hanse, it opened in 2017. In 2015, Trump made controversial statements after the San Bernardino shooting, calling for a “total and complete ban on Muslim entry into the United States until our lawmakers figure out what’s going on,” leading to removal of Trump branding from the site. Damac founder Hussain Sajwani told CNN in 2016, “We faced enormous pressure, but ultimately decided to honor our signed agreement.” Recent US-Iran tensions also pose risks: reports say Iran launched drone strikes near the course in March, targeting a nearby airbase and residential buildings.

8. Trump International Scotland Golf Resort

Aberdeenshire, Scotland

Estimated revenue in 2024: $6 million

In 2006, Trump bought 1,400 acres north of Aberdeen. He strongly opposed local wind farms, but lost the battle. His 2012 financial disclosures show he invested $41.1 million in the land, and six years later, built and opened the course. In 2025, he valued the club at “over $50 million,” but Forbes’ conservative estimate is about $12 million based on financial performance. 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.

Alexander and Kyle Khan-Mullins report.