Using what appears to be more than half of the company’s available cash to purchase Trump Turnberry makes no obvious sense for any business person, but especially for Donald Trump. But his largest cash purchase was the Turnberry, followed by tens of millions of dollars in additional cash outlays for rehabbing the property. In fifteen years, he bought twelve golf courses (ten in the U.S., one in Ireland, and a smaller one in Scotland), several homes, and a winery and estate in Virginia, and he paid for his forty-million-dollar share of the cost of building the Trump Hotel in Washington, D.C.-a property leased to Trump by the U.S. In the nine years before he ran for President, the Post reported, the Trump Organization spent more than four hundred million dollars in cash on new properties-including fourteen transactions paid in full. Fahrenthold, and Jack Gillum revealed in a Washington Post story in May that Trump had abruptly shifted strategies and begun spending hundreds of millions of dollars in cash to fund projects. President Trump has proclaimed himself the “ king of debt,” a proud master of “ doing things with other people’s money.” So it was quite surprising when Jonathan O’Connell, David A. And Trump Turnberry offers a tantalizing and maddeningly incomplete glimpse into the ways in which our President makes and spends money. But, for all the coverage of Trump’s finances, there is so much we just don’t know. We know, of course, that the Trump Organization has worked with some truly questionable business associates, that it has run afoul of anti-money-laundering laws, and that its most high-profile business expansion-a line of three- and four-star hotels-has all but collapsed. This is the first edition of a weekly column in which I hope to expose, explore, and analyze the financial activity of our President and his associates-including his family, his political appointees, and business partners-and make the case for greater transparency. However, revenue for the months it was open were so low-about $1.5 million per month-that it is hard to understand how the property will ever become profitable, let alone so successful that it will pay back nearly three hundred million dollars in investment and losses. The Trump Organization argued that these losses were the result of being closed for several months for repair. The Turnberry has been losing an astonishing amount of money, including twenty-three million dollars in 2016. It is possible, though, that he will have some harsh words for his staff. After buying the property for more than sixty million dollars, he then spent a reported hundred and fifty million pounds-about two hundred million dollars total-remaking the site, adding a new course, rehabbing an old one, and fixing up the lodgings. No doubt, the President will be excited to visit. It is so much bigger than his other recent projects that it would not be unreasonable to describe the Trump Organization as, at its core, a manager of a money-losing Scottish golf course that is kept afloat with funds from licensing fees and decades-old real-estate projects. It is, by far, the biggest investment the Trump Organization has made in years. This property has not received the attention it deserves.

Between meeting the Queen of England and Vladimir Putin, President Trump will spend this weekend at Turnberry, the golf course he bought in 2014 and rechristened Trump Turnberry.

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