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Report: Trump Buying Doral Resort & Spa

DORAL, Fla. (CBSMiami.com) – The troubled Doral Golf Resort & Spa will be getting a new owner in the coming weeks, Donald Trump.

According to Bloomberg News, Trump has agreed to pay $170 million for Miami’s Doral Golf Resort & Spa. The Doral Resort & Spa had been placed into bankruptcy earlier this year by hedge.

The proposed sale is set to be filed with the U.S. bankruptcy court in New York next week, Bloomberg reported. The deal is expected to be completed in the first quarter of 2012.

Bloomberg reported that “there will still be an auction for the Doral resort to seek better offers. So far, there aren’t any other bidders.”

Trump has reportedly purchased at least nine golf properties in the U.S. in recent months.

According to Bloomberg, Trump’s acquisition of the golf properties breaks a trend for Trump of not using his own money to buy real estate.

Bloomberg reported that Trump hasn’t used his own money on real estate purchases since 2005.

Comments

One Comment

  1. OJ says:

    There goes the neighborhood

  2. Tom Tabak says:

    I have played The Doral a few times and it is really nothing to write home about as far as the GOLF Goes. I hope Mr. Trump can make it better, but I also hope he does not take the Doral off the Summer Premier Golf card. Time will only tell.

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