The course was closed for renovation in 2007, just as the real estate market was crashing. The renovation was never completed. The purchase sheds hope on an uncertain future.
Palm Coast, FL – October 14, 2014 – The Matanzas Golf Course in Palm Coast, FL has new owners. The Golf Group of Palm Coast LLC, in Palm Coast, sold the closed golf course to The Group Golf of Palm Cost LLC (really, not a typo), of Jacksonville for $266,750. The sale closed October 3rd.
The $266,750 purchase included $100,000 cash and a $166,750 purchase money mortgage from the seller, according to public records. The balloon mortgage payment is due December 10th. The Flagler County Property Appraiser’s website lists the property’s assessed value as $204,615.
The Group Golf of Palm Coast LLC was formed in September by Stephen “Matt” Richardson and Michael Yokan, both of Jacksonville. Yokan referred inquiries to Richardson. Attempts to contact Richardson have been unsuccessful.
Anecdotally, one of the two buyers spoke with at least one Matanzas Woods resident. The resident was told that the new owners were interested in initially re-opening the practice facility and perhaps three holes. They also plan to fix the buildings.
The Matanzas Golf Course was one of three courses purchased from Lowe Development by Crescent Resources, a subsidiary of Duke Energy. The other two were Cypress Knoll and Pine Lakes. Crescent’s subsidiary, Landmar, renamed the three-course club The Grand Club. They planned to rehabilitate each of the three, one per year, before taking the Club private.
The Cypress renovation was completed in 2005. A new clubhouse was added in 2007. The Pine Lakes rehabilitation was finished in 2006. The renovated Pine Lakes clubhouse opened in 2007, the same year Matanzas was closed to begin an extensive renovation. A new clubhouse was also planned. Then the real estate market crashed. The renovation was never begun and Crescent went bankrupt.
Recently, new operators Doreen Holl and Chris McLaren, took over operations of the Pines Course, with an option to buy. The Golf Group of Palm Coast continues to operate only the Cypress Course at this time.
The three courses were purchased from The Grand Club in 2011 by The Golf Group of Palm Coast. At the time, The Golf Group of Palm Coast voiced plans to reopen Matanzas, but the current economics of the golf industry precluded that vision. Matanzas has been on the market since. It had reportedly been under contract several times, once by local real estate developer Jim Cullis, but none of the preceding contracts completed.
Many feel that Matanzas was the very best of Palm Coast’s original four courses. Designed by Arnold Palmer and Ed Seay, Matanzas Woods has been described as a "beautiful monster" and was once named one of Golf Digest's "Best New Resort Courses". This course featured a fair amount of water on the course with the Jefferson Davis Waterway cutting through the course, running parallel to some fairways on the back nine.
Lake Success was located between holes 14 and 15. The fairways on the course varied in width with some providing ample landing areas while others were narrow. The fairways generally had grass mounds along the sides, or the waterway, with some being tree lined. The greens were average-sized and were sloped and undulating. Most greens were well protected by deep sand bunkers. Fairway bunkers were also common.
Holes 8 and 10 shared a double green. Many holes on this course presented interesting designs and/or challenges. Two examples on the front nine were #3, a par 3, with a tee shot over water to the green and #4, a long par 5, with water along the left side and an approach shot over water to the green.
An interesting hole on the back was #13, a par 3, with part of the green, on the left, protruding out into the waterway. The two par 5’s on the back, #14 and #18 were also particularly nice holes. #14 had a very narrow landing area off the tee with a second shot over water. #18 was the signature hole and featured a demanding approach shot to a small “island” green.