Tiger Woods was paid more than $55 million in fees for a golf course development in Dubai that is now shut down and turning back into sand. Woods would have earned more than $14 million in additional money if it had actually come to fruitition.
Tiger Woods was already a rich man five years ago. A developer in Dubai named Tatween made him even richer.
Woods signed on in 2006 to lend his name to a golf and real estate development and was paid a staggering $26,250,000 at the time according to ArabianBusiness.com.
And as if that wasn’t enough, Woods and the developer modified their agreement and the golfer collected an additional payment of $26,200,000 at the end of 2008.
Dubai was on a roll. High rise buildings painted the downtown area, the bulk of the world’s large construction cranes were at work in the city.
There were plans for a place that would be called Dubai World and with it would be an extensive golf complex and ultra-high end residential development.
Then it all came crashing down to the point where Dubai has been bailed out by neighbor Bahrain.
The Woods course became a casualty of the bust. The flow of money dried up, the easy dollars went away but not before the world’s No. 1 golfer at the time walked out with more than $55 million.
He would have collected an additonal $14.6 million had the course opened with the opportunity to collect another $30 million for a second golf course project.
Woods, who is competing this week in the Dubai Desert Classic, received a paltry $3 million appearance fee to show up and compete. While in town, Woods planned to meet with officials to try and resurrect the project.
But that seems highly unlikely with the staggering losses the country suffered when the real estate bubble burst.
But with that kind of money flowing when it did, you can’t blame Woods for trying.