Crescent Golf Course Sales Contracts Fall Through

Osprey Cove, Winding River, and The Grand Club are back on the market after pending contracts failed to complete.

Palm Coast, FL – November 19, 2010 – Pending contracts on three Crescent Resources owned golf course properties failed to complete. An alert reader noticed the absence of the UNDER CONTRACT notice on commercial broker CB Richard Ellis’ website. An inquiry to CBRE confirmed the information.
The properties are back on the market. They are described on CBRE’s website as follows:
The Grand Club
The Grand Club is comprised of three golf courses (and clubhouses), all situated within a five-mile radius on the west side of I-95 in Palm Coast. The Pine course features a highly-regarded Arnold Palmer design and a 18,094 square foot clubhouse. The Cypress course features a Gary Player design and a 5,850 square foot clubhouse. The Matanzas course has been closed for approximately three years with a golf course originally designed by Arnold Palmer. In addition to the three golf courses, this offering includes up to 183 entitled residential lots – 33 on the Pine course and 150 on the Matanzas course. The total asking price is $2.2 million.
Osprey Cove
The Club at Osprey Cove in St. Marys, Georgia is a premier private country club that occupies approximately 204 acres within a 1,014-acre master-planned community along the St. Marys River. The golf course was designed by Mark McCumber and is complemented by a 21,000 square foot main clubhouse and 3,200 square foot sports clubhouse, with full recreational amenities (asking price $3.3 million). This offering also includes 156 finished residential lots, a six-acre commercial tract and a 1,700 square foot sales center (asking price $4.6 million). The total asking price is $7.9 million.
Winding River
Winding River is a beautifully master planned community designed by LandMar. It is situated on 350 acres in Camden County, GA near the US Navy’s Kings’ Bay Naval Station. The 558 unit community is designed to combine the best of nature and neighborhood by incorporating a collection of neighborhoods with tidal marsh, lake, and nature preserve views.
Recreation opportunities abound, with trails, boardwalks, and a nearby 500 acre State Park located within minutes. Associate golf memberships are available at Osprey Cove as well as planned boat storage and tennis courts.
The amenity center Savannah Club is completed and includes an Olympic sized pool, fitness center, catering kitchen and gathering rooms. The total asking price is $4,500,000.
Crescent Resources, formerly a joint venture of Duke Energy and Morgan Stanley Real Estate Fund recently emerged from Chapter 11 bankruptcy as a much smaller entity. Crescent Resources is attempting to divest itself of several assets, among them properties in Florida and Georgia. A purchase contract for Grand Haven, another Palm Coast, FL golf club recently fell apart when the buyer reportedly balked at the $4.2 million membership deposit liability.
Crescent Resources bankruptcy was triggered by the default on a more than $1 billion debt obligation resulting from Duke Energy’s sale of 49% of the entity to Morgan Stanley. While Crescent was saddled with the debt, nearly all the proceeds (in excess of $1B) went in cash to Duke. Crescent has initiated a lawsuit to recover what it claims was a fraudulent transfer. [story]

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