Officials in Wellington, Fla., are negotiating the purchase of the executive golf course, which has been closed for six years, for use as a passive park or open riding area for equestrians.
Wellington, Fla., officials will begin negotiating with The Wanderers Club this summer to purchase about 40 acres of the club’s former executive golf course, the Palm Beach (Fla.) Post reported.
In the meantime, officials want their money back from two of the three private appraisal firms they hired to evaluate the land for use as a passive park or open riding area for equestrians. The village sought three appraisals—at a total cost of about $12,000—after a May workshop, in which the council agreed to consider the purchase from Wanderers. But only one appraisal came back with what council members considered a reasonable analysis, the Post reported.
“It’s frustrating that we’re spending money on appraisals that don’t matter,” said Vice-Mayor John Greene.
Callaway & Price compared the land to other golf courses in the area, which are losing value as they struggle to stay open. That firm valued the 40 acres at about $700,000, the lowest of the appraisals, the Post reported.
Wellington officials felt that was comparable to an appraisal Wanderers conducted about a year ago, which found the property worth $1.2 million when compared with golf courses and other public uses. By contrast, the two other appraisals Wellington paid for valued the land at $3.5 million and $5.3 million, but neither of those focused on what the intended purpose for the property would be, the Post reported.
“If you go to any appraisal company, it’s their standard practice to appraise at what the highest and best use of the land is,” Village Manager Paul Schofield said, “but there are things the appraisers didn’t take into account.”
The two firms found the best use of the land would be for housing or equestrian purposes, but the property is zoned for use as park land or a golf course. Anderson & Carr appraised the Wanderers course by comparing it to upscale equestrian farms, contending the narrow, odd-shaped property that’s riddled with lakes would see its highest value by being turned into four, 10-acre equestrian farms, the Post reported.
Council members were aghast at the idea of developing the golf course for something profitable and angered that the appraisers would ignore their wishes, the Post reported.
“The others went off the grid as far as I’m concerned. If they can’t give us something that’s more up to date, we should find ways not to pay them because it’s useless,” Councilman Howard Coates said.
After discussing the troublesome appraisals, the council voted 5-0 to begin negotiations with Wanderers. Wade Byrd, an attorney representing the club, said Wanderers officials are not expecting anywhere near the $5 million mark for the property. The course has been closed for about six years, the Post reported.
“I think the appraisal we have is a fair appraisal,” Byrd told the council.
Schofield told council members during their agenda review meeting Monday that “somewhere around $1 million looks to be a comfortable number” for purchasing the land. If negotiations are fruitful, council members would vote again on approving the purchase, including the final sale price, the Post reported.
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