Donald Trump is considering an appeal after his plans to create a £1bn golf and hotel resort were rejected by councillors.
The US billionaire, who wants to build a the complex at the Menie Estate in Aberdeenshire, said he was surprised by the decision.
The controversial project was given outline planning approval last week, but then went to Aberdeenshire Council`s infrastructure committee, which rejected the plans on the chairman`s casting vote after a tied ballot.
A spokeswoman for Mr Trump said: "We are surprised by the decision, it would have been a great development.
"We are considering an appeal, and also considering doing something very spectacular in another location. Sadly, it will not be in Scotland."
The Trump Organisation`s head of international development, George Sorial, added: "Obviously we are very disappointed.
"It is our position that the council has failed to adequately represent the voice and opinion of the people of Aberdeen and the Shire who are ultimately the losers here."
Mr Sorial said they were "not sure" if they would appeal against the decision.
"I think we have been very frank all along - we do have options elsewhere in the UK and we will sit down now and look at that," he said.
"We haven`t made a formal decision yet."
Opposition to the scheme has included environmental groups, such as RSPB Scotland, and some local residents.
Protesters have claimed that the resort would have a major impact on wildlife and destroy a beautiful part of Scotland.
An RSPB spokesperson said: "The destruction of part of Aberdeenshire`s beautiful unspoilt coastline has been recognised as too high a price to pay for this development.
"We hope that Scotland will continue to offer and promote the best golf courses in the world, but not at this expense."
Mr Trump had revealed he had the backing of leading business and tourism figures.
The chairman of Aberdeen City and Shire Economic Forum (Acsef), Patrick Machray, said: "The future of our economy is based on sustaining a vibrant business base by building on oil and gas and growing our other key sectors of food and drink, life sciences and tourism.
"The Trump development provides us with a golden opportunity to boost leisure tourism and raise our profile around the world.
"The decision is therefore a blow to the local economic forum`s vision for the long-term prosperity of our region.