The first thing Donald Trump wants you to know is, he's not really much of a risk-taker. Not in his golf business, anyway. "I'm buying courses that are among the best around, for substantial discounts," he says. "The risk-takers were the previous owners, who spent a lot of money getting these courses up and running." Perhaps. But the fact is, anybody who has acquired five conspicuously high-end courses in the past three years, as Trump has done, is taking a chance. Even discounted, private golf clubs are nobody's idea of a sure thing these days.
Trump's latest purchases are the former Lowes Island in Washington, D.C. (two courses), Branton Woods in New York's Hudson Valley, Pine Hill near Philadelphia and Shadow Isle in Colts Neck, N.J. He has rebranded them all with the Trump name. His portfolio now includes 13 courses, from Los Angeles to Canouan Island in the Caribbean. He declines to say what he paid, other than suggesting that Branton Woods and Pine Hill were so inexpensive it's "almost embarrassing." He adds that he did not pay bargain-basement prices for either the Lowes Island or Shadow Isle properties.
Trump loves golf--he has a 3.7 Handicap Index--but that's not his only motivation. Along with his regular media appearances, the courses are part of his marketing apparatus, raising his profile among wealthy people who might buy apartments or lease offices in his real-estate developments. "You have to remember these are all small deals compared with a billion-dollar office tower," he says. "They might seem like a big risk, but next to what I do in my main business, they're small."
His newest project is Trump International Golf Links-Scotland, a $1.6 billion effort along the coast of Aberdeen. His plans, which have met resistance from some locals, call for two 18-hole courses, a hotel and 950 "holiday homes" and villas. Even Trump concedes he's taking a risk, given the state of the economy. Yet when he saw the property, he says he couldn't resist. Proclaims the Donald: "I consider myself an artist, and this is the greatest canvas in the world."