The 245-acre, 57-year-old Fleetwood, Pa. property includes a private, 18-hole Fazio-designed golf course that hosted the 1968 U.S. Women’s Open, and a clubhouse facility with restaurant, pub, banquet room and lodging. The owners want to find a capital source or buyer before the end of 2021. “They are looking for someone to take this to the next level,” says Steven Ekovich, Executive Managing Director for the listing agent. “”They love the asset and are not interested in having someone come in to pillage the property [but] who shares a vision of the same legacy.”
Moselem Springs Golf Club in Fleetwood, Pa. is for sale or seeking an operating partner, the Reading (Pa.) Eagle reported. The 245-acre property—which includes a private 18-hole golf course and clubhouse facility with restaurant, pub, banquet room and lodging—is listed for $2.35 million by Leisure Investment Properties Group.
“The owners are looking to either recapitalize or, if they get an offer to sell, they’d consider a business partner or selling,” said Steven Ekovich, Executive Managing Director for Leisure Investment.
Ekovich told the Eagle that the members of the Flippin family who comprise the current ownership group, Moselem Development Company, are at “different ages and times in their life” and “are ready to move on and do other things.”
“Hopefully, if a new partner comes in, they’ll really take over management of the course,” Ekovich said. “Or, if someone purchases it, they obviously will.”
“They [the family] are looking for someone to take this to the next level. They love the asset and are not interested in having someone come in to rape and pillage the property. They’re looking for somebody who shares a vision of the same legacy.”
The property has been on the market for about a week and has already garnered ”tremendous interest,” Ekovich told the Eagle.
The owners are targeting before the end of the year to find a capital source or buyer, the Eagle reported. Regardless of the precise terms, Ekovich was confident that Moselem Springs will remain in the golf business.
“If someone wanted to convert it to housing, it’s not even a good property to convert to housing,” he said, noting at least one inquiry was made about its development viability. “It’s in the middle of nowhere.
“Its best use is to remain a golf course.”
There doesn’t seem to be any special consideration for a local buyer, however, the Eagle reported.
“I don’t think that enters into anybody’s mind,” Ekovich said. “What’s most important is it’s in the right hands, with somebody who has the right vision.
“Somebody local may have the wrong vision. Somebody from out of the area may say we’re gonna add hospitality, increase the size of the F&B, or bring in another new component.”
Potential buyers have been well aware of Moselem Springs Golf Club’s reputation, the Eagle reported.
“Everybody interested knows its legacy, knows the name,” Ekovich said. “It’s a great brand. The course has members from all over the country—it’s unbelievable how many non-resident members there are at this club.
“That speaks to its history and the guidance the current family has provided. It’s really a great base for someone to take over.”
Founded by former Reading Eagle publisher Hawley Quier, Moselem Springs Golf Club opened in 1964, the Eagle reported. The course was designed by professional golfer and architect George Fazio and his 18-year-old nephew Tom Fazio, also a golf course architect.
Moselem Springs has played host to a number of important local and national tournaments through its 57-year history, including the 1968 U.S. Women’s Open, the Eagle reported. Ekovich described the private club as “a gem” and suggested there are few places like it in the U.S.
“I put it right up there, for its size, as one of the very best,” he said of the golf course, facility and its “serene setting.”
“You’re surrounded by farmland, the trees. There’s no freeways running by. You don’t have a Taco Bell up the street.”
He also noted the hospitality and lodging add to the uniqueness of the property, the Eagle reported.
“It provides so much opportunity for groups from Florida to Maine to travel there and expands the opportunities that 90% of golf courses don’t have,” Ekovich said. “It’s a getaway place where people can let their hair down, relax, smoke a few cigars and enjoy the peacefulness.”