15 estádios: será este o único império de negócios de Trump que ele não exagerou?

Trump may be the American president who loves golf the most in 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 territories. Forbes' latest estimates show that Trump owns 14 private golf courses and 1 licensed branded course, with total revenue in 2024 exceeding $350 million, and an overall valuation of about $1 billion, accounting for 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 inflating land area and underestimating member deposits, even under conservative valuation, this golf empire remains solidly valuable. Doral Resort, after debt deduction, has a net worth of $255 million, making it his second-highest asset after Mar-a-Lago; while the Tumberly course, though long loss-making, 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 actual 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 show that Trump has multiple issues with inaccurate financial accounting: improperly including sunk costs, overestimating land value, underestimating member deposit liabilities—such as the deposits that must be refunded when members leave. 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 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, plus one licensed under the Trump brand, with total revenue in 2024 estimated at over $350 million. Forbes estimates the overall valuation of these golf properties at about $1 billion, 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 though in 2023, under pressure from New York officials and judges, Trump sold the lease of a public golf course in Bronx, his golf industry remains thriving. 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, and Trump is expected to earn 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, this 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 Indonesia’s projects covering Bali and Java. The common model for these collaborations is: 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 both business and sources of pleasure. The Washington Post reports 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 under Trump’s name.

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 purchased 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 a new round of upgrades. In 2022, Trump Group proposed demolishing two main buildings, reducing the number of rooms from 643 to 470, and building over 2,200 residential units along with leisure and retail facilities. The plan was later scaled back, with about 1,500 units approved in 2024. According to Trump’s 2025 financial disclosures, 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 COVID-19, its operations have steadily recovered, with estimated 2024 operating profit reaching $25 million, 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 events.

2. Trump Bedminster Golf Club

Bedminster, New Jersey, USA

Estimated revenue in 2024: $33 million

The 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 36 holes, 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, moving to Mar-a-Lago in winter. The Telegraph reported that once, he landed a helicopter just ten feet from the club’s pool. The estate also includes Trump’s 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 withdrew its sanction. Bedminster has not been idle; it became the first Trump course to host LIV Golf, which was the third stop of its 2022 season. Court documents show Trump earned about $800,000 from hosting this event.

According to Golfweek, part of the land is used for hay, 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 property still enjoys this tax benefit, saving about $240,000 annually.

3. Trump International Tumberly Golf Resort

St. Andrews, Scotland

Estimated revenue in 2024: $30 million

Tumberly is perhaps the most famous of Trump’s golf clubs, having hosted four British Open tournaments (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 suffered losses. Recently, however, its performance has improved; by late 2024, revenue increased 15%, reaching $30 million. 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 return until the environment was suitable, which was not the case then.

4. Trump International West Palm Beach Golf Club

West Palm Beach, Florida, USA

Estimated revenue in 2024: $29 million

This was the site of the attempted assassination of Trump in September 2024. The West Palm Beach club was his first golf course, located 4.5 miles west of Mar-a-Lago. 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, paying $88,338 monthly rent.

In 2012, Trump launched a new membership program waiving initiation fees to attract members, which upset some 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 an island green on the 11th hole and has environmental certification under the Audubon Cooperative Sanctuary Program. In 2017, Trump proposed building a seawall to prevent erosion, but the plan was rejected by Irish authorities.

6. Trump National Jupiter Hills Golf Club

Jupiter, Florida, USA

Estimated revenue in 2024: $16 million

This club is located between the Monmouth County horse farms. Like Bedminster, it benefits from agricultural tax reductions. After completing 18 holes, players can challenge the 19th hole, which has an island green. Opened in early 2005, Trump bought it in 2008 for $28 million at auction. Besides the standard course, there is a 5-hole short course and a helicopter pad built despite local opposition.

7. Trump International Ireland Golf Resort

Dunbeg, Ireland

Estimated revenue in 2024: $14 million

This links-style course was completed in 2002, designed by Greg Norman. Trump purchased it in 2014 for $16.6 million (about $24 million today). According to Trump’s 2014 financial disclosures, he paid $16.6 million for it. Forbes’ conservative valuation is about $12 million. Last year, the resort added an 18-hole course and hosted its first DP World Tour event—the Scottish Open. Revenue continues to grow, nearing break-even.

Alexander and Kyle Khan-Mullins reported.