Reconstructing and rendering trees is a challenging problem due to the geometric complexity involved, and the inherent difficulties of capture. In this paper we propose a volumetric approach to capture and render trees with relatively sparse foliage. Photographs of such trees typically have single pixels containing the blended projection of numerous leaves/branches and background. We show how we estimate opacity values on a recursive grid, based on alphamattes extracted from a small number of calibrated photographs of a tree. This data structure is then used to render billboards attached to the centers of the grid cells. Each billboard is assigned a set of view-dependent textures corresponding to each input view. These textures are generated by approximating coverage masks based on opacity and depth from the camera. Rendering is performed using a view-dependent texturing algorithm. The resulting volumetric tree structure has low polygon count, permitting interactive rendering of realistic 3D trees. We illustrate the implementation of our system on several different real trees, and show that we can insert the resulting model in virtual scenes.