Operators of Pine Lakes Golf Course, have backed away from a deal that would have put the Cypress Knolls Golf Course under their ownership and control.
PALM COAST, FL – July 2, 2016 – It’s not the British Open, but the winds foretelling the future of the Cypress Knolls Golf Course in Palm Coast are brisk and shifting on a daily basis. In the most recent wind shift, Firinn Golf Group (Doreen Holl and Chris McLaren), operators of Pine Lakes Golf Course, have backed away from a deal that would have put the Cypress Knolls Golf Course under their ownership and control.
Cypress Knolls closed June 17th after years of struggling to recover from the Great Recession. Holl and McLaren had entered into a verbal and signed agreement with Cypress Knolls owner, Golf Group of Palm Coast LLC (GGPC), to bring the deteriorating course back to playable condition, restoring its integrity. Upon fulfilling that and other requirements, ownership of the course would be transferred to Holl and McLaren.
Holl and McLaren entered the agreement with GGPC following assurances that there were no third party contractual impediments to a clean transfer of title. However, on June 24th, GGPC notified Holl and McLaren of the existence of a signed document with a Mr. Doug Brown that represented a potential contractual obligation to sell Cypress Knolls Golf Club to Brown.
June 28th, GGPC learned from Brown that he intended to move forward with the contract which would result in his purchase of Cypress Knoll Golf Course, leaving Holl and McLaren no choice but to withdraw from their plan.
McLaren estimates the ongoing annual operational expenses of the Cypress Knolls course would be close to $1,000,000. With a dearth of members plus the refurbishment challenge, any Cypress Knolls operator will face a daunting future. Holl and McLaren are experience golf course operators, having run both Pine Lakes and Regent Park Golf Club in Fort Mill, S.C. Brown’s golf course operating experience is unknown.
Cypress Knolls was opened in 1990, and joined Pine Lakes, Matanzas Woods and Palm Harbor as one of Palm Coast’s four original golf courses. Matanzas was closed for renovation in 2007 and remains closed. Palm Harbor Golf Course was refurbished by the City of Palm Coast and reopened in 2009 as a municipal course.
Google Earth view of Cypress Knolls Golf Course