15 estádios: Será este o único império comercial 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 ventures. Forbes’ latest estimates show that, under Trump’s name, 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 inflating land area and underestimating membership 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 among all his real estate holdings; 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 — the deposits that the club must refund 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 certain: Trump’s golf business empire is quite valuable.

He owns 14 golf courses plus one licensed branded course in 2024, with total revenue estimated at over $350 million. Forbes’ estimates put the overall valuation of these golf properties at about $1 billion, one-sixth of his $6.1 billion net worth. Doral Resort, after debt deduction, 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 rights to a public golf course in Bronx, yet his golf industry continues to thrive. First, this deal reportedly earned him $60 million; additionally, the buyer Bally’s obtained a casino license on the site last December, triggering contractual clauses that will net Trump another $115 million.

For Forbes’ estimates, in 2020, the year Trump’s first presidential term ended, 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 Indonesia’s projects covering 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 many 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 under Trump’s name.

1. Trump National Doral Golf Resort

Miami, Florida, USA

Estimated revenue in 2024: $110 million

Source of image: 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 a large-scale renovation. This resort, with four 18-hole courses, may undergo a new round of redevelopment. In 2022, Trump Group proposed demolishing two main buildings, reducing the number of hotel rooms from 643 to 470, and building over 2,200 residential apartments along with leisure and retail facilities. The plan was later scaled back, with about 1,500 residential units approved in 2024. According to Trump’s 2025 financial disclosure, he refinanced a $125 million ten-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 this troubled project, claiming the purchase price was “far below the $35 million invested by the previous investors.” The club covers about 600 acres, with 36 holes, located an hour’s drive west of New York City. It is called Trump’s “Summer White House,” because he likes to spend weekends there during the hot months, then move to the “Winter White House,” Mar-a-Lago, in the fall. The Telegraph reported that once, when landing by helicopter, he was only ten feet from the club’s pool. The estate also includes the Trump family mausoleum, where his first wife Ivana 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 hosting rights. Bedminster was not vacant but became the first Trump course to host LIV Golf League — the third stop of the league’s 2022 season. Court filings show that 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, which qualifies for agricultural tax reductions, potentially reducing 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

Tumberly, Scotland

Estimated revenue in 2024: $30 million

Tumberly is perhaps the most famous of Trump’s golf clubs, 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 (about $91 million today), and in 2017, his son Eric unveiled the 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 to upgrade the resort, Tumberly had long been loss-making. But recent performance has improved, with revenue rising 15% in 2024 to $30 million at year’s end, according to exchange rates. R&A CEO Mark Darbon said he would not rule out returning the Open to Tumberly. His predecessor, Martin Slumbers, stated in January 2021 after the Capitol riot that the event would not be held there until the environment was suitable, emphasizing that “the focus should be on the event, players, and course itself.”

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 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 9-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 land 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 many longtime members who paid $150,000 in initial fees. But they were lucky; according to the Washington Examiner, Trump raised the initiation 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 Waterside Golf Club

Windsor, New Jersey, USA

Estimated revenue in 2024: $16 million

This club, located between the Monmouth County horse farms, also benefits from agricultural tax reductions like Bedminster. After completing an 18-hole championship course, players can challenge the adjacent clubhouse’s island green on the 19th hole. 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 National Colts Neck Golf Club

Colts Neck, New Jersey, USA

Estimated revenue in 2024: $16 million

Situated between horse farms in Monmouth County, this club also enjoys agricultural tax benefits. Opened in early 2005, Trump purchased it in 2008 for $28 million at auction. It features a standard 18-hole course, a 5-hole short course, and a helicopter pad built against local opposition.

8. 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 bought it in 2014 for $16.6 million (about $24 million today). According to his 2014 financial disclosures, he paid that amount. Forbes values the club at $29 million. The resort includes a hotel with 218 rooms, but Trump only owns part of the hotel. He proposed building a sea wall to prevent coastal erosion, but Irish regulators rejected the permit in 2020, citing environmental concerns, including threats to a rare snail species.

9. Trump National Sussex Golf Club

Blairstown, New Jersey, USA

Estimated revenue in 2024: $9 million

Founded in 1922, this club has been called Blair Cliff, Blair Mountain, and Blair Hall. Trump bought it in 1996 at a property auction for about $8 million (about $17 million today), and reopened it in 2002 after renovations. Located about 30 miles north of Manhattan, near Hopewell Junction, it is surrounded by residential areas with thousands of homes.

10. Trump National Philadelphia Golf Club

Pine Hill, New Jersey, USA

Estimated revenue in 2024: $7 million

Purchased by Trump in 2010, this 365-acre club is located on high ground across from Philadelphia, near the Pennsylvania-New Jersey border, with views of the city skyline. Despite claims that it is the highest point in South Jersey, Trump said in a 2014 interview that his course “is just as good as Pine Valley, you know? Pine Valley’s members come here to play, some say it’s comparable, and some say mine is better.”

11. Trump National Hudson Valley Golf Club

Hopewell Junction, New York, USA

Estimated revenue in 2024: $9 million

This club, situated behind Stormville Mountain in Dutchess County, opened in 2002 as Branton Woods, originally a bison farm. It was renamed after Trump’s acquisition in 2010. A few months after the purchase, the Poughkeepsie Journal reported that Trump doubled the staff and increased membership by over 40%.

12. Trump International Dubai Golf Club

Dubai, UAE

Estimated revenue in 2024: $6 million

Owned by Dubai-based developer Damac Crescent Properties, Trump received about $5 million in branding fees and $1 million in management fees in 2024. 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,” and all Trump signage was removed from the site. In 2016, Damac founder Hussain Sajwani told CNN, “We faced enormous pressure, but ultimately decided to honor the signed agreement.” Recent US-Iran tensions also pose risks: reports say Iran launched drone attacks near the course and nearby residential buildings in March.

13. Trump International Scotland Golf Resort

Aberdeenshire, Scotland

Estimated revenue in 2024: $6 million

In 2006, Trump bought a 1,400-acre tract north of Aberdeen. He strongly opposed local wind farms, but was ultimately unsuccessful. According to his 2012 financial disclosures, he invested $41.1 million in the land, and six years later, built and opened the golf course. In his 2025 financial report, 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.

Alexander and Kyle Khan-Mullins reported.