Crescent Golf Courses Under Sales Contract Again
Seven Crescent-owned golf courses in Georgia and Florida tagged as ”Under Contract” yesterday. Included are the golf courses only – Excluded are building lots and developable land.
Palm Coast, FL – December 29, 2010 – Here we go again. Once more, several Georgia and Florida golf courses owned by Crescent Resources are identified as "Under Contract" on the website of commercial real estate broker CB Richard Ellis. The identity of the buyer(s) has not been released, but because the status of all the courses was changed at the same time, it’s likely that there is a single buyer. The contract(s) are limited to the golf courses only, excluding available building lots and developable land. Conclusion; the buyer is likely one of the large golf course operating companies. Most of the golf course communities were developed by Crescent subsidiary LandMar. A downsized Crescent Resources emerged from Chapter 11 bankruptcy earlier this year. Since then, the company has been attempting to divest its Florida and Georgia assets. Osprey Cove, Grand Club, and Grand Haven were under contract a few months ago, but the contracts were not completed at the end of the due diligence period.
Each of the courses is currently being operated under a management contract by Hampton Golf. Listed as officers of Hampton Golf are Ed Burr and MG Orender. Burr founded LandMar and subsequently sold it to Crescent Resources. Crescent was a subsidiary of Duke Energy at the time.
The following information is disclosed on the CB Richard Ellis website:
- Listed @ $7.9M – The Club at Osprey Cove in St. Marys, Georgia is situated in a 1,000-acre master-planned community. This premier private country club features complete recreational amenities including a championship golf course designed by Mark McCumber. This offering also includes 156 finished residential lots and a six-acre commercial tract. The country club at Osprey Cove is under contract, however the developable land is still available.
- Listed @ $4.28M – The Golf Club at North Hampton in Fernandina Beach is a semi-private club that anchors a 700-acre master-planned community. Arnold Palmer designed the golf course and this offering also includes 25 finished residential lots. The Golf Club at North Hampton is under contract, however the residential lots are still available.
- Listed @ $2.97M – The Golf Club at South Hampton in St. Augustine is a semi-private club in a 900-acre master-planned community. The golf course was designed by Mark McCumber. The Golf Club at South Hampton is under contract.
- Listed @ $3.85 M – Grand Haven Golf Club in Palm Coast is a highly-regarded private country club that features a Jack Nicklaus Signature golf course. The club anchors a 1,478-acre waterfront, gated community with 1,900 homes and a wide range of quality recreational amenities. Grand Haven Golf Club is under contract.
- Listed @ $2.2M – The Grand Club is available for sale and comprised of three golf courses (and clubhouses), all situated within a five-mile radius on the west side of I-95 in Palm Coast. Gary Player designed the Cypress course and Arnold Palmer designed both the Pine and Mantanzas courses. The Matanzas course has been closed for approximately three years. This offering includes up to 183 entitled residential lots – 33 on the Pine course and 150 on the Matanzas course. The three golf courses that comprise the Grand Club are under contract, however the developable land is still available.
The Four Sisters Golf Courses Fee Structure
* FEE STRUCTURE
June 1, 1989
Dual Clubs Membership in any two SunSport Golf Clubs Annual $ 1895 Family, Single 1350
Gold Card Membership in all three Sunsport Golf Clubs Annual $ 2250 Family, Single $ 1800.
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( For the new arrivals, ‘Heidi Recreation’ was the first name of the Management Co. for all of the many Developer Pledged Amenities for us. Heidi was Dr. J. Norman Youngs’ daughters’ name. Dr. J. Norman Young was the Father of Palm Coast. After the first ‘Palm Coast Predicament #1’ of State Investigations and later also directly after the Federal Investigations it because SunSport Recreation as referenced
above.)
We were able to join one, two, or three of the Golf Courses with paying only one Membership fee. ( Cypress Knoll Golf Course, the last of the ‘Four Sisters Golf Courses’ Amenity here had not yet been finished.) This Fee Structure was great and obviously attracted many to purchase in Palm Coast; good business acumen much like what
The Villages is offering now – Golf Free for life.
Lets hope the new owners will offer something similiar to what we had above for decades last Century. We can hope so that it attracts more prospective buyers here yet again.
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* From: F.T.C. ‘Compliance Report’ December 1, 1989 p.3 ‘Exhibits’ RE: Federal ‘…reporting requirement set forth in the unnumbered paragraph on Page 16 of the Decision and Order.
Addendum to Fee Structure
Pine Lakes Golf Course Country Club: $ 1470 Family, $ 1300 Single, New Membership: $ 2000.
Palm Harbor Golf Course ( First Golf Course known as Palm Coast Golf Course ) $ 1370 Family. $ 1100 Single , New Membership $1300. $ 400 Student.
Matanzas Woods Golf Course: $ 2435 Family, $1185 Single, $1300 New Membership, $ 400 Student.