The club is contemplating putting another equally sized piece of land on the market after netting $1.8 million for the sale to the Montessori School of Lexington.
A sizeable chunk of land owned by Belmont (Mass.) Country Club is on its way out the door, and more could soon follow, the Belmont Citizen-Herald reported.
The club has sold a 19-acre parcel to the Montessori School of Lexington (Mass.), according to a statement from its President, Alan LeBovidge, and is now contemplating putting another equally sized piece of land on the market, the Citizen-Herald reported. Diane Decker, Director of Community Development at the Montessori School of Lexington, said the school purchased the 19-acre parcel for $1.8 million.
The sale to the school, which currently leases part of the land it just bought, was made final on April 25 at a Lexington Town Meeting after Lexington selectmen announced they would not seek to purchase the land, the Citizen-Herald reported. The town of Lexington had the right of first refusal to the property before it was sold, because the land is classified under Massachusetts general law Chapter 61 as recreational land, which has also allowed the club to pay lower taxes on the property.
“We are really excited about it; the kids are excited; the parents are excited; it’s a great opportunity for our school,” Decker told the Citizen-Herald. “It expands our campus. With the wetlands, we can have outdoor classrooms and toddlers can take long nature walks.”
According to LeBovidge, the Belmont CC membership is now going through the process of determining whether to sell an additional 18-acre parcel it owns in Lexington, the Citizen-Herald reported
“We expect our membership’s deliberations will be concluded sometime in May,” LeBovidge stated, adding that the membership has not yet made a decision about whether to sell.
“There are many other issues that still need to be addressed before any sale can occur including, but not limited to, various regulatory requirements and community sentiments,” LeBovidge added. “Thus, at this time, attempting to predict a sale price, if any, is premature.”
LeBovidge did not clarify why Belmont Country Club sold the land, or if it had to do with financial reasons, the Citizen-Herald reported. According to public filings, the club had over $27 million in total liabilities in 2014 and was not profitable that year, but did hold nearly $34 million in total assets at that time, the Citizen-Herald reported
The club made headlines in 2013 when the cost of a new clubhouse, projected at $18 million, ballooned to nearly $30 million, sparking internal debate among members, the Citizen-Herald reported.
Belmont CC recently hosted the 2015 Constellation Senior Players Championship on the PGA Champions Tour.