Donald Trump completes purchase of Doral for $150 million

It's been a while since Doral golf resort has been at its absolute best, but that all could be changing, after famed real estate developer Donald Trump purchased the iconic South Florida resort for a reported $150 million on Monday.

After the resort plunged into bankruptcy a year ago, Trump made an initial bid of $170 million for the resort, before finalizing terms on a deal that will see him get Doral for a bargain-basement price.

Just to give you an idea of how far the resort has fallen, Ryan Ballengee of GolfTalkCentral noted Morgan Stanley subsidiary CNL Hotel and Resorts Inc., purchased Doral for $501 million back in 2007, which means the value of the resort has fallen some $330 million in the last five years.

The deal will see Trump take over four of the resort's five courses (Greg Norman's Great White course was retained by a New York hedge fund to be the centerpiece of a future real estate development) and the 692-room hotel.

Trump also plans to have golf course designer Gil Hanse -- who helped restore the North Course at Los Angeles Country Club and designed Castle Stuart -- come in and redesign all four courses, including the iconic Blue Monster course that will host the upcoming WGC-Cadillac Championship.

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