Tim and Sara Hale purchase the former Players Club in Palm Coast for $2.5M
PALM COAST, FL – April 14, 2020 – Coastal Cloud founders, Tim and Sara Hale, have purchased the former Players Club in Palm Coast for $2.5 million. The transaction, which closed March 27, was recorded yesterday. The purchaser of record is Coastal Cloud Properties LLC. The seller is JOCO Financial LLC and The Lending House Inc.
The Players Club tennis complex opened in 1986, joining the Palm Harbor Golf Club as the heart of Palm Coast recreation. Boasting 18 hard, clay, and grass courts in its prime, The Players Club attracted top-notch players and hosted several celebrity exhibitions and professional tournaments.
The Players Club was already struggling when it was purchased by European Village LLC (AKA Peter Roehr) in 2003. It was subsequently transferred to EV R&R Holdings LLC (also AKA Peter Roehr) on December 22, 2005. On that same day, a mortgage on the property in the amount of $4,000,000 was recorded by Mandela Holdings LLC and Lending House. The mortgage holders acquired the property through foreclosure September 13, 2007, after the indebtedness had grown to $5,000,000 as a result of unpaid interest, late fees, and penalties, The 13.44-acre property and improvements were assessed for $2,877,450 at the time of the foreclosure sale.
The Players Club property is unique. It has several beautiful old specimen oaks and is wonderfully position next to European Village and near the marina. The Hales have long been attracted to this property’s location and its beauty, but the price had always been too high. While they have no immediate development plans, it is likely that they will incorporate a future Coastal Cloud headquarters within the complex. “We want to incorporate whatever we do into the natural beauty of the property and preserve the magnificent oaks,” says Tim Hale.
The Players Club is as fine a property as you can find in Palm Coast. I am very pleased that it has fallen into good hands with Tim and Sara. They will treat it well.
PLAYERS CLUB 2005
PLAYERS CLUB 2019