Trump's Scottish Golf Debt Puzzle: Prestige, Politics, and Prolonged Profits?

Donald Trump’s Scottish golf resorts—Turnberry and Trump International Scotland—remain entrenched in complex financial structures, with significant debts owed exclusively to the Trump Organization and its affiliated entities. The total debt burden across both properties exceeds $239 million as of 2023, with $168.15 million allocated to Turnberry and $71.19 million to the Aberdeenshire course. These figures, according to financial disclosures, are held internally within the Trump family’s business structure, eliminating external financial scrutiny and reducing traditional debt-related risks. However, both properties continue to report minimal profitability, with Turnberry’s parent company showing $5.15 million in profits for the 2023 fiscal year, compared to $252,582 the year prior, despite revenue of $28.6 million in 2023.

Trump International Scotland, the smaller of the two properties, has operated at a loss for much of its history. In 2023, it reported $5.02 million in revenue and $1.9 million in losses, a slight improvement from the $1 million loss in the previous fiscal year. Eric Trump, who oversees the properties, attributed the losses to rising operational costs, including utility expenses, supplier costs, and minimum wage increases. Scotland’s national living wage rose from $12.08 in 2021 to $14.13 in 2023, contributing to inflationary pressures on the business’s operating expenses. Despite this, Eric emphasized that marketing and tournament expenditures are expected to boost future revenue performance, particularly with the opening of a new golf course in July 2025.

Turnberry’s debt has seen a small reduction from $177.24 million in previous years to $168.15 million in 2023, a change attributed by financial analyst Alan Jagolinzer to favorable exchange rate fluctuations rather than debt paydown. Jagolinzer noted the company’s exposure to foreign currency risk, particularly from the weakening U.S. dollar, which has historically affected the valuation of its loans. While this internal debt structure limits external financial pressure, it raises questions about long-term viability without continued funding from within the Trump Organization.

Trump’s golf ventures appear to serve a broader strategic purpose, extending beyond traditional golf operations. In 2016, Trump described the properties as real estate “development deals,” emphasizing potential housing and hospitality units. At Turnberry, plans include up to 200 luxury residences and commercial properties, while Trump International Scotland aims to build 550 residential units, alongside a new course and hotel. However, these developments remain largely unrealized. At Aberdeenshire, only two of the promised four golf courses have opened, and housing plans have been scaled back. Eric Trump stated that full development could take up to a decade, with the focus currently on completing the second golf course before pursuing residential expansion.

A separate concern emerged with the change in auditing firms from Johnston Carmichael to BDO in 2021. Forensic accountant Paul Barnes suggested this switch could signal deeper financial or accounting issues, though Eric dismissed the change as part of business consolidation. With both properties now audited by BDO and debts owed exclusively to Trump family entities, the financial oversight remains internal. This structure, while limiting external pressure, may hinder transparency and raise questions about the long-term viability of the operations.

Despite these challenges, Trump’s golf properties maintain a level of prestige, particularly Turnberry, which hosted high-profile political figures such as U.K. Prime Minister Keir Starmer and European Commission President Ursula von der Leyen. This diplomatic use of his properties aligns with Trump’s broader branding strategy, which emphasizes visibility and control. As financial analyst Michael Cohen noted, the presence of the Trump brand at these properties serves as a strategic advantage, reinforcing Trump’s influence and visibility.

Source: [1] Inside the debt-heavy sand trap of Trump's U.K. golf course ... (https://fortune.com/2025/08/25/inside-the-debt-heavy-sand-trap-of-trumps-u-k-golf-course-finances/)