Tiger Woods paid $10m for failed Dubai golf course

Ex-world No.1 golfer netted $10m to design the course, on top of royalties from real estate sales
Tiger Woods paid $10m for failed Dubai golf course
Tiger Woods, pictured September 2007, was named the US PGA Tour Player of the Year on Tuesday, earning the accolade from his peers for the third year in a row and the ninth time in the past 11 seasons. (AFP)
By Shane McGinley
Tue 01 Feb 2011 02:04 PM

Former world No.1 golfer Tiger Woods was paid a design fee of $10m, plus real estate royalties, for his role in the now-suspended Dubai golf development bearing his name.

The scandal-hit golfer netted the eight-figure sum for designing the exclusive course, which was backed by state-owned Dubai Properties, but just eight holes of the project have been built, The Guardian reported

Woods was also set to receive royalties on real estate sales of the 287 luxury villas and mansions that, at their peak, ranged in price from $12m to $23m.

Dubai Properties said in November 2007 that Woods planned to build a 16,500 sq ft mansion overlooking the golf course that would include a gym, theater, library and pool.

Original plans for the 55 million sq ft Tiger Woods Dubai included a boutique hotel and a clubhouse.

The course was originally due to for completion by September 2009.

Woods told reporters earlier this week that the Dubai project had “been put on hold for right now”, news confirmed yesterday by Dubai Properties, a unit of debt-hit Dubai Holding.

"A lot of projects are [on hold] out there," Woods said. “It's still there. We've got six completed holes and a few that were about to be grassed before construction was halted. Everything is on hold.”

In a statement, Dubai Properties said it had suspended the project in the wake of the emirates’ real estate slump.

A property boom in Dubai collapsed at the end of 2008 when it was hit by the global financial crash and the Gulf state's debt crisis.

 “This decision was based on current market conditions that do not support high-end luxury real estate. These conditions will continue to be monitored and a decision will be made in the future when to restart the project,” the company said.

The developer said it may revisit the project in the future and would retain its commercial deal with the golfer.

Woods is due to arrive in Dubai next week to play in the Dubai Desert Classic.

 

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