Shareholders voted 595 to 73 to sell the club. Many know the property could be worth more but the majority hope to primarily erase the debt load and have a new operator run the property, one shareholder who asks for anonymity tells GlobeSt.com.
An Orlando broker, who is considering bidding on the property for a client, tells GlobeSt.com the 18-hole, 6,600-yard championship golf course, four tennis courts, swimming pool, 30,000-sf clubhouse and the 135-car surface parking lot could have a potential commercial development value of at least $1 million per acre ($22.96 per sf) or a total $120 million.
"This is a gem," says the broker, who spoke on condition of anonymity. "This is a true sleeper." He says the property would have to be rezoned for commercial, residential and retail use if that is what a developer proposed.
"But that would not be a big problem since a mixed-use project would blend in well in that area," the broker says. The property is just outside the city of Leesburg, off U.S. 441 North, about 45 miles northwest of Downtown Orlando.
Shareholders decided to sell after family membership dwindled to 373 from 420 in January 2002. Competition from new nearby courses also cut into the daily use of the course, a shareholder tells GlobeSt.com. "At one time, maybe 25 years ago, we were the only private golf course in the area," a shareholder says. "Now there are probably two dozen golf and country clubs within a 25-mile radius and golfers have their pick any day of the week."
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