Donald Trump's failed attempts to buy landmark St Andrews hotel [View all]
Last edited Mon Jul 2, 2018, 08:42 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 Scotland’s 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 Scotland’s 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 Course’s 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 Hall’s 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 wouldn’t have anything against that,” reflected Donal O’Shea from North Carolina. “I’m not a fan of his – I think a lot of people are not fans of his – but I’ve played his courses, and I would kind of hope he’d 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, I’m surprised he didn’t 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 Scotland’s 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 @realDonaldTrump’s 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 …
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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
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