Silver Lake Course Saved From Bulldozers

LEESBURG, FL-Days away from a US Bankruptcy Court hearing that would have allowed the lenders to foreclose on the property and possibly bulldoze the site for a commercial venture, the 80-year-old, 18-hole, 120-acre Silver Lake Golf & Country Club is under new ownership today.

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.