Donald Trump's failed attempts to buy landmark St Andrews hotel
Last edited Mon Jul 2, 2018, 09:42 AM - Edit history (1)
Source: The Scotsman
Donald Trump's failed attempt to buy landmark St Andrews hotel
By Martyn McLaughlin Published: 9:30 pm June 30, 2018
Donald Trump spent more than three years trying to establish a landmark hotel at the world-famous home of golf, making at least four failed offers for one of Scotlands showpiece properties, a Scotland on Sunday investigation can reveal. ... The US president and his children held high-level talks with senior Scottish banking executives to try and take over Hamilton Hall in St Andrews, one of the most prized venues in world golf, which is now home to some of Scotlands most expensive properties. ... However, Trump was repeatedly rebuffed in his attempts to secure financing for what would have been his first international hotel venture.
The 71-year-old offered to pay as much as £23m to secure the grand 19th century building overlooking the Old Courses 18th green. But he insisted on receiving a mortgage and loan totalling £38m, a deal financiers deemed too risky. ... One Bank of Scotland executive who met the property magnate at Trump Tower claimed he and his executive vice-president asked the bank to foreclose on Hamilton Halls owners, and instead deal directly with the Trump Organisation. ... The bank executive described such suggestions as worrying and inappropriate, and expressed concern Trump would hold them to future ransom.
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On a fine summer afternoon last week, tourists from US on a pilgrimage to the Old Course were surprised to learn that Trump had tried to buy a prime slice of St Andrews real estate. Many, irrespective of their politics, thought the Trump St Andrews hotel would have been a hit. ... I wouldnt have anything against that, reflected Donal OShea from North Carolina. Im not a fan of his I think a lot of people are not fans of his but Ive played his courses, and I would kind of hope hed stick to golf courses and hotels.
Others, however, believe the timeless charm of St Andrews would have been compromised by their president. Well, first of all I guess he should have gone to his Russian pals and got a loan, Im surprised he didnt get that, said Melinda McRae from California. ... I certainly would have taken a long route around [it] if that was the Trump hotel. It would have left a really terrible taste in my mouth.
READ MORE: US President tried and failed to buy one of Scotlands most prestigious properties
https://www.scotsman.com/1-4761915
Read more: https://www.scotsman.com/read-this/donald-trumps-failed-attempts-to-buy-landmark-st-andrews-hotel
Slow connection -- dial up -- yes, really. Will edit. Original article is 6,000 words long.
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David Fahrenthold Retweeted:
https://twitter.com/Fahrenthold
New detail abt @realDonaldTrumps finances, in the period when he was going on an odd, cash-only spending spree... https://www.washingtonpost.com/politics/as-the-king-of-debt-trump-borrowed-to-build-his-empire-then-he-began-spending-hundreds-of-millions-in-cash/2018/05/05/28fe54b4-44c4-11e8-8569-26fda6b404c7_story.html
Link to tweet
EXCL @realDonaldTrump was refused £38m from Bank of Scotland as he tried to a buy flagship Scottish property & create his first overseas hotel. Trump allegedly asked the bank to foreclose on its owners & deal directly with him. My 6,000w investigation: https://www.scotsman.com/read-this/donald-trumps-failed-attempts-to-buy-landmark-st-andrews-hotel
Link to tweet
Iliyah
(25,111 posts)t-rump would go bankrupt anyways. What ever he touches he leaves in financial ruins, just like what is happening in the USA.
malthaussen
(17,175 posts)Just having him on that course lowers property values. Imagine a golden "Trump" spread across the facade.
-- Mal
GreenEyedLefty
(2,073 posts)"odd, cash-only spending spree"
And also why it probably failed - Trump couldn't or wouldn't disclose his income streams.
FakeNoose
(32,569 posts)He never buys a thing with his own money. (wonder why?)
When the businesses fail, and they inevitably will - he just declares bankruptcy and screws the people he borrowed from. He screws the vendors, suppliers, former employees, you name it. Cheeto is probably the worst businessman there ever was. He can't even get loans from DeutscheBank any more.
YOHABLO
(7,358 posts)I was in St. Andrews last year on a trip to Scotland. I know its a big golfing place, but its much more than that. I loved that little town and didnt get nearly enough time there. The thought of Trump defiling that place makes me sick.