Doonbeg's Former Owners Had €80.6m Worth Of Liabilities
Published on Mar 10 2014 4:35 PM in Hotel
The company that owned Doonbeg Golf Club, before it was recently bought by American billionaire Donald Trump - had net liabilities of a reported €80.6 million.
That's according to figures published yesterday in a report by the Sunday Business Post. The article said that at the end of 2012, Doonbeg's owners, US hedge-fund South Sea Partners, had a shareholders deficit of €71.9 million.
At the beginning of this year, South Sea Partners appointed receivers to the resort and Doanld Trump emerged as the new owner after a €15 million takeover bid.
The Sunday Business Post say that the golf course reported a loss on ordinary activities of €20.4 million in 2012, up from €2.7 million the year previous.
Trump is said to be considering a complete rebuild of the links course at Doonbeg, which is to be called the Trump International Golf Links, Ireland, from now on.