The value of Donald Trump’s north-east golf course grew by more than £8million last year as the American tycoon welcomed thousands of visitors to the Menie Estate.
Accounts lodged with Companies House yesterday revealed that the assets of the company running the course, Trump International Golf Club Scotland Ltd, are now worth £28.4million, up from £20.3million in 2011.
The accounts also say the firm is due creditors nearly £33million, but all the money is due to Mr Trump himself for the capital he ploughed into creating what he believes is the greatest golf course anywhere in the world.
A spokeswoman for the Trump Organisation said last night that there was no debt on the property, despite the reported deficit. She said: “Mr Trump is reflected as the sole creditor for accounting purposes.
“During 2012 and 2013, we continued to make significant capital investments to improve the property, including the restoration and upgrade of MacLeod House and other historic buildings on site.
“We have had an exceptional first full playing season and look forward to rapid growth in the coming years.”
In the accounts, Allen Weisselberg, the Trump Organisation’s chief financial officer, says the course has provided a major economic boost to the area. He said: “The championship course and temporary golf house were completed and opened in mid-July, 2012.
“Following the launch, the course was open for a period of 15 weeks (until the end of the 2012 golf season) and the number of visitors during that short time far exceeded our expectations.
“The course reopened in mid-April, 2013, and continued to attract global visitors to the area, generating a positive impact on the local economy, as stated by local and regional hoteliers, club owners and managers.”
Marcliffe Hotel and Spa owner Stewart Spence recently credited a surge in golf visitors for increasing his turnover from £5.9million to £7.8million.
Mr Weisselberg added: “During 2012 and 2013, a number of historic buildings on property were restored and upgraded to provide additional facilities and luxury accommodation for guests. We are also progressing plans for the next phase of the resort, which includes a second 18-hole golf course and permanent club house. The completion of the first phase of the development saw the creation of several hundred employment opportunities for individuals and businesses, regionally and nationally.”
The accounts also say that the New York-based Trump Organisation continues to invest “over and above” the costs reflected in its financial statements.