Tiger's Deal in Dubai Valued Near $100 Million
By mustang6560 on 2/10/11
Tiger Woods was the first athlete to be worth $1 billion. And before his sex scandal, it was thought he'd reach $2 billion before any other athlete reaches $1 billion.
Ever wondered how he did it? Well, it's deals like the Tiger Woods Dubai that have ballooned his bank account over the years.
Tiger Woods received $55.4m from UAE developer Tatweer to promote a golf resort in Dubai, just 24 days before the collapse of Lehman Brothers in 2008.All I have to say is holy cow! Tiger is set to make more money off this deal in Dubai then the total of his career winnings.
And remember people, as of today, Tiger Woods Dubai has been put on hold.
I know the Middle East has a lot of money, but I just don't see how you can spend $1.1 billion (that's billion with a B!) and turn a profit. Maybe I don't get it but this whole business venture seems like a big waste of money.
[ comments ]
yeah, they have that kinda dough over there...
Go Tiger Go...he is still making major bread...people are gonna really hate him now....his golf status has dropped a bit but he is making more than ever now....its the american way
It's only money - besides it must cost $1000 to play a round on one of their courses!!!
@bducharm - yea tha'ts what i was going to say. they can spend that kinda money because people will travel thousands upon thousands of miles and spend $1000s to play that course. They'll definitely turn a profit. Jeez, i'll tel you what, they probably have most of the property lots sold already.
Its also possible a place like this would not be open to visitors, but only the richest people in the world paying $1,000,000 for lifetime membership (I have seen places in Japan for 400K). With an entry fee like that, 100+ members and maintenance fees of around $50,000 a year the initial costs could possibly be covered.
Also consider the multi million dollar houses going in around the course.
Still think you can play there for your measly $1000? :)
I was going to say the same thing. To us working stiffs $1000 seems like a lot of money, but I'll bet the guy who valets your limo there gets $1000. I was fortunate enough to get invited to play Shadow Creek in Las Vegas with one of my clients, and some Japanese men who I met playing there that day said they paid $1500. On that trip I got to stay at the Mansion at the MGM. Few people even know that it exists. CHER was performing that week and had the room next to mine. It's a whole different world .
It was such a different time when those deals were made. The housing bubble hadn't burst, the financial system was not yet in crisis and Tiger was coming off one of the most sensational seasons of golf ever. I think he won five tournaments in seven starts that year, and seemed to win every one of them in spectacular fashion. Wins by eight in Torrey Pines, eagles 18th hole to win by one in Dubai, makes miles of putt against JB Holmes to come back from the dead and then beats Cink like 8 and 7 in the final, birdies 18 to win Arnold Palmer and finally the US Open birdie on 18 to tie Rocco-- epic win for the ages. In 2008 Tiger was Golf, so its no surprise that some crazy place like Dubai would pay out that kind of money.
Duke of Hazards says:
Dubai was (and still is, to a degree) the definition of excess before the collapse. The 'palaces' surrounding Tiger's course were supposed to be 100,000 square feet, with 'smaller mansions' at 50,000 square feet. Seriously, the air conditioning bill alone for one of those houses is probably more than my monthly gross.
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