By Shane McGinley
Ex-world No.1 golfer netted $10m to design the course, on top of royalties from real estate sales
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 $23m.
Dubai Properties said in November 2007 that Woods planned to build a 16,500 sq ft mansion overlooking the golf course that would include a gym, theater, library and pool.
Original plans for the 55 million sq ft Tiger Woods Dubai included a boutique hotel and a clubhouse.
The course was originally due to for completion by September 2009.
Woods told reporters earlier this week that the Dubai project had “been put on hold for right now”, news confirmed yesterday by Dubai Properties, a unit of debt-hit Dubai Holding.
"A lot of projects are [on hold] out there," Woods said. “It's still there. We've got six completed holes and a few that were about to be grassed before construction was halted. Everything is on hold.”
In a statement, Dubai Properties said it had suspended the project in the wake of the emirates’ real estate slump.
A property boom in Dubai collapsed at the end of 2008 when it was hit by the global financial crash and the Gulf state's debt crisis.
“This decision was based on current market conditions that do not support high-end luxury real estate. These conditions will continue to be monitored and a decision will be made in the future when to restart the project,” the company said.
The developer said it may revisit the project in the future and would retain its commercial deal with the golfer.
Woods is due to arrive in Dubai next week to play in the Dubai Desert Classic.
A big waste of time and money that was spent so far on the project. Hopes were really high on this one. I managed the production of the Tiger Woods Dubai website (which is now taken offline and redirected to a dubai properties page as it is offering information of something that is not gonna happen any time soon) The guys paid good money and spent lots of man hours on the project online and on ground.
I hope it picks up as the core of the project offers high class real estate, palaces and mansions which costs big millions
since when is US$ 10,000,000 seven figures.....
Wouldn't it be nice if that amount of money was used to get kids in the Gulf to play golf instead.
Inshallah Dubai shall return. With better thought out business plans hopefully.
Many people are still investing and not really completing the business plans.
We are willing to help people in polishing their plans before implementation so there are lower chances of failure.
If Dubai is to restart building property again it would take a decade & by then Tiger Woods would be history.
For the country to pick up economically, firstly it should review the population in this country. Whole of the infrastructures are built considering the population.
The expatriates are in the majority, who is at large considered unwanted people. They don't have the usual privilege of living and working in a country even if it consumes their whole life. Even after living, working, doing business here for decades, expatriates are still on a retail level.
So it will help by giving them some benefits so they feel they and their families can spend their lives here comfortably, and economically, according to their income.
I totally agree with the comment made by vmt above, and based on my over 20 years experience there, I believe that Dubai may never fully recover. In fact, I dare to say that, and for many reasons, it will never fully recover. And by the way, don't you believe what you read or hear about recovery, especially from government officials, bankers and real estate agents. I hope I'm wrong because I love Dubai and I love living here.
Do you know how old Jack Nicklaus and Arnold Palmer are? Wait, forget these two, how about Ben Hogan? Do you know that he is dead? Do you call these Irrelevant? You're right Tiger will be history as the best Golfer ever played the game of golf. This golf course is one of the best properties in the world it is just far away from the people who understand them. Michael Jordan just built a house on a golf course just look it up and how big it is. Do you know who designed that golf course? Hint: very very old man.