Silver Lake Golf & Country Club on Block

LEESBURG, FL-Silver Lake Golf & Country Club, an 80-year-old, landmark Lake County resort strangling with a debt load of about $1.7 million, is up for sale. Bids for the 120-acre property close Friday (June 27). The club is asking $1.7 million or about $14,166 per acre (33 cents per sf) for the asset.

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.