• By The Financial District


As President Donald Trump campaigns for a second presidential term ahead of a Nov. 3 election, his business, the Trump Organization appears to have made little progress in turning that vision of sprawling golf courses and hotels in Scotland and the US into reality, Tom Bergin reported for Reuters.

A Reuters review of satellite imagery and publicly available property filings in the United States and Europe shows that over the past decade, the Trump Organization hasn’t built a single residential or holiday home at any of the 11 golf properties that according to land records and the president’s financial disclosures are owned outright by the business. Nor has the Trump Organization secured rezoning rights to build additional homes at any of those properties over the period, according to spokespeople for planning authorities, databases of planning applications and minutes of planning board meetings. 

Trump did in 2008 obtain rights to rezone farmland and a coastal reserve in Aberdeenshire, Scotland, to build hundreds of residences subject to building a golf course and a large hotel. While the Trump Organization has converted a manor house into a hotel and built other guest accommodation, neither he nor the Trump Organization have constructed any homes there. 

The Trump Organization has invested more than $1 billion in the 11 wholly owned golf properties since his first purchase in the late 1990s, according to a Reuters calculation based on information provided by the company, its executives in media interviews and public records. That sum includes hundreds of millions of dollars spent on revamping his golf resorts, according to the group’s public statements. “Whatever he thought would happen when he bought these courses, doesn’t seem to have panned out,” said Deepak Malhotra, a professor at Harvard Business School, whose work focuses on negotiation and deal making.