Jim Hartman, a Winter Park, FL entrepreneur, bought the property for an undisclosed price. He had been waiting to close the deal since June 2003 when he sent a letter of intent to the club's directors. The club voluntarily filed for Chapter 11 protection under the US Bankruptcy Code on Sept. 11, 2003.
Local land brokers, familiar with the prime site off US 441 North, tell GlobeSt.com the closing price was probably about $2 million, or about $16,667 per acre. The purchase price included the club's $1.8 million debt load.
Still, at an estimated 38 cents per sf, the land itself was "an outstanding" investment, a Leesburg broker not associated with the transaction tells GlobeSt.com. Besides the course, the acquisition includes a 135-car surface parking lot and a 30,000-sf clubhouse which houses a restaurant, pro shop, a 450-seat banquet room, a lounge and administrative offices.
In June 2003, shareholders voted 595 to 73 to sell the club 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.
The property had no takers but plenty of lookers after advertised sale bids closed June 27, 2003, board president Phil Braun previously noted. The property has remained open to members and the public under court supervision since the Chapter 11 filing. The club is one of the oldest recreational communities in Central Florida.
The Lake County Property Appraiser's office puts the taxable value of the property at $2.2 million. The club itself values the asset at $2.7 million. Club directors had been asking $1.7 million, or about $14,166 per acre (33 cents per sf) for the property.
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