But the management firm, which acquired the Holly Springs, N.C. club in 1999, will continue operating the club under a long-term lease agreement, and it said the sale would not affect day-to-day operations or impact employees or members. The buyer was reported to be an unnamed LLC that shares an address with New York hedge fund Sculptor Capital.
Club Corp has sold the Devils Ridge Golf Club in Holly Springs, N.C., the Triangle Business Journal reported, but it isn’t planning to leave the property anytime soon.
On August 4th, the Dallas-based management firm closed on the sale and long-term leaseback of Devils Ridge in a $4 million transaction, the Journal reported, bringing to an end ClubCorp’s two decades of ownership of the club.
The buyer is an LLC that deed records show shares an address with New York hedge fund Sculptor Capital, the Journal reported.
And while the property is under new ownership, ClubCorp will continue operating the club under a long-term lease agreement, the Journal reported. That lease lasts 20 years, according to county records, with options for ClubCorp to extend the agreement.
The club, located in the Sunset Ridge community of Holly Springs, will stay in the ClubCorp network, and a company spokesperson said the sale would not affect the day-to-day operations at the club and not impact employees or members.
The Devils Ridge course features 18 holes, two practice putting greens, a driving range, clubhouse with dining options and a bar. Initiation fee at the club is $5,000, plus subsequent $465 monthly membership dues, the Journal reported. according to the latest data complied by the Triangle Business Journal.
ClubCorp, which bought Devils Ridge in 1999, continues to own and operate a number of other clubs around the Raleigh-Durham-Chapel Hill Research Triangle region, including The Hasentree Club in Wake Forest, N.C. and Brier Creek Country Club in Raleigh, N.C., that it acquired in November 2019 as part of a seven-club portfolio previously owned by the Toll Brothers real estate firm.
ClubCorp paid $9.8 million for the Brier Creek Club and $750,000 for Hasentree, according to county records, the Journal reported.
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