The Miller family, which has owned the Dallas, Texas club for about 36 years, is selling the property to an undisclosed buyer in a deal scheduled to close on March 3. Earlier this month, the club offered to pay the city $50,000 and give it the right of way to build a wastewater pipeline under its golf course following allegations that the club diverted city-owned water to irrigate its second golf course in Plano, Texas.
After about 36 years, the Miller family is selling Prestonwood Country Club in Dallas, Texas following in a water dispute with the city, the Dallas Business Journal reported.
The deal is scheduled to close on March 3, the Business Journal reported.
“The time has come to sell,” said Greg Miller, President and CEO of the 100-year-old family company, the Henry S. Miller Cos. “It’s not really our core business. We’re in commercial real estate, we’re developers and brokers. That is more of a hospitality and entertainment component.”
Miller declined to disclose the name of the potential buyer, citing a confidentiality agreement, but he said the deal was a “win-win” for the Miller family and the buyer, the Business Journal reported.
C&RB reported earlier this month that the Prestonwood Country Club is offering to pay Dallas $50,000, as well as give the city the right of way to build a wastewater pipeline under the golf course, after allegations the club diverted city-owned water to irrigate its Plano golf course.
The water dispute, which dates back to 1976, was one of the hurdles the Miller family needed to clear before it could sell Prestonwood Country Club, which includes two championship golf courses, the Business Journal reported.
“This is an unusual real estate transaction,” Miller said. “It’s the sale of the club and there’s a lot involved in the sale of a hospitality business. There are employees, food and beverage.”
The late Vance Miller purchased Prestonwood Country Club about 36 years ago, fulfilling his passion for real estate and golf, the Business Journal reported.
“My husband was a major golfer,” said Tincy Miller, who serves as the chair of Henry S. Miller Cos. “He had a very low handicap. If he’d been born a little bit later he may have become a professional golfer.”
During the time the Miller family owned the country club, Vance Miller made a number of investments, including renovating the original 18-hole golf course in 1986 by moving holes and developing hills on the course. Later, he developed a championship golf course in nearby Plano, the Business Journal reported.
Right now, Prestonwood has about 1,000 members, which has grown from 800 members in 2009. Before to the recession, the club had about 1,200 members, the Business Journal reported.
“The club business lags the economy,” Greg Miller said. “When the economy is good, the club makes good money. When the recession hits, members drop their memberships and stop playing golf. Now, membership activity has increased dramatically.”