The Cary, N.C., club’s board of directors opted to sell the 200-acre golf club for an undisclosed amount when it became apparent that the member-owned property would need to undergo costly capital improvements. Newport Beach, Calif.-based Concert Golf Partners purchased the property, noting that it will keep the club private and will be a long-term investor in the property.

After almost a year of discussions, town-hall meetings and financial deliberations, the board of directors at MacGregor Downs Country Club in Cary, N.C., has decided to sell the 200-acre golf and club campus to Newport Beach, Calif.-based Concert Golf Partners, the Raleigh (N.C.)-based Triangle Business Journal reported.

Peter Nanula, chairman of Concert Golf, confirmed the members of the MacGregor Downs voted for the sale on Tuesday even though it meant losing all the equity in the club, the Business Journal reported.

While Nanula declined to offer the sale price, sources say Concert may have paid about $10 million to retire the bank debt and buy the assets of the club, also promising to embark on renovating and restoring some of the features of the golf course and the clubhouse. “All I can say is this deal was in the several million dollars range,” Nanula said.

He added MacGregor members will never have to worry about assessments going forward since they do not own the club anymore, adding that in some cases, membership dues could be lowered, the Business Journal reported.

MacGregor’s management group started talking about the future about a year ago when it was apparent to the members that in order to maintain the same level of service and luxury, the club needed to undergo million of dollars worth of capital improvements, the Business Journal reported.

The golf club looked into at least four different offers before selecting Concert Golf, the Business Journal reported.

The Business Journal‘s calls to MacGregor Downs were not returned.

“We are going to keep the club private,” Nanula said. “And we are a long-term investor.”

Concert’s investors are not interested in selling the club in a few years to generate a quick return. “We are a boutique shop. It would be unlikely if we would own more than 10 or 15 clubs,” Nanula said.

With the MacGregor Downs purchase, Concert now owns seven upscale private clubs in Washington, D.C. area, Oklahoma and Florida, the Business Journal reported.