The Tiger Woods Dubai golf course project has come to an official halt after the high-end real estate market in Dubai went downhill after the economy collapsed. It was only time before they made the official announcement as the construction stopped in 2009 with just six holes completed. This was the first project of the design business started by Tiger Woods in 2006.
Consisting of an impressive 100 villas, 75 mansions, 22 palaces, a 360,000-square-foot hotel, a golf academy and luxury shops, this project was expected to fetch Woods $20 million plus a percentage of real estate sales. He can now say goodbye to that. Infact its nit just his business that is suffering. The entire golf course business has been having a bad time ever since the recession with 107 courses closing in 2010 and only 46 opening for play.
His second project, The Cliffs at High Carolina with an investment of $150 million. Cliffs’ developer Jim Anthony remains positive that the course will be completed, but much work remains and financing is tight. His other project Punta Brava, 65 miles south of San Diego in Mexico faced some delays but is expected to open in the second half of 2012. The golf business in Asia however is booming and Woods might have to shift his focus in this region.
Via: Blogs. Forbes