13 hours ago
- Business
- Irish Independent
Trump declares income of €13m from Doonbeg
The details are contained in his latest filing to the US Office of Government Ethics, over 200 pages of financial declarations covering everything from his Mar-a-Lago golf club in Florida, to the over $700,000 he made from two speaking engagements last year.
The filings put a value of between $25m and $50m on the Doonbeg resort, and between $1m and $5m on the hotel.
The income declarations are similar to figures supplied by Trump last year, when he was the Republican Party nominee for the presidency. Then, the hotel's income was put at €7.3m, and the overall figure for the resort was €15.2m, over a 16-month period starting in January 2023.
The filings also set out incomes for associated companies, which are lodged in Allied Irish Bank accounts. They include Doonbeg Common Area Management Ltd, where the income amounts is between €100,000 and €1m, a higher amount than in previous entries.
The filings for Links Cottages Area Management Company declares rental income of between $100,000 and $1m. The two management companies look after common areas of the Doonbeg resort, with residents paying an annual property service charge, which is about €12,000 a year.
There is no detail of any income from the sale of houses on the resort. Trump's organisation only owns a small number of the 75 properties in Doonbeg, which change hands up to €1m. Almost all of the cottage are owned by Doonbeg members.
Some are leased back to the hotel which rents them to holiday makers. The filings also show income from a number of people paying rent at the resort, with the amounts varying from €10,000 to €13,000.
The income at Trump's Turnberry golf resort in Scotland is listed as being just over £24m (€28m). The resort is also given a value of in excess of $50m.
The income from his Mar-a-Lago club in Florida is given as $50.1m. The US president also declares royalties from the television show The Apprentice, with the value said to be 'not readily ascertainable', and there is a royalty of between $50,000 and $100,000 coming from his book The Art of the Deal.
A cryptocurrency wallet virtual Ethereum key is also declared, with a value of between $1m and $5m.
Trump bought the Doonbeg resort out of receivership in 2014. The package included the Greg Norman designed golf course, the hotel and seven suites. A subsequent report from the receivers revealed that he had paid about €8.7m. A further €30m has been invested by the Trump organisation.
The resort, which provides employment for about 350 people and is said to be worth about €10m a year to the local economy, has been given a boost by Trump's re-election to the presidency last November. US golfers are said to be joining in record numbers, paying €25,000 each.
The last accounts for Trump International Golf Limited Ireland Enterprises, for 2023, showed that operating profits had more than doubled to €2.06m, in what was a record year for the business. Revenues were up 12pc from €14.36 to €16.12m.
