Feb
10
2011
Tiger’s Mammoth Property Payday Revealed
By Conor Nagle under Tiger Woods

No wonder Tiger likes visiting the desert

There’s an interesting article in this morning’s Guardian about Tiger Woods’ association with Dubaian property development firm Tatweer and the indefinitely postponed Tiger Woods Dubai resort. According to a feature in Arabian Business magazine, Woods’ association with the project has to date cost Tatweer in excess of $55.4m.

Woods initially signed a deal worth $26.25m with Tatweer in June 2006, but expanded that initial contract two months later with a deal potentially worth $70m. This new agreement also included a clause offering Tiger a ‘one-time fee’ of $28.8m should he commit to design a second golf course at the resort, thereby stetching the potential value of his association with the property developer to nearly $100m.

Most of this seems to be a moot point, however, as Tatweer, now largely subsumed by the Dubai Properties Group, confirmed this week that the development has been postponed indefinitely.

If only WUP had a ‘Fools and Their Money’ tag for news stories.

Conor