An appraisal valued the Palm Beach Gardens, Fla., resort at $80 million, but the last time it changed hands in 2006, it sold for $170 million, and has since received $89 million in renovations. Conway (S.C.) Country Club is also on the market, listed for $2.6 million.
Golf properties in Florida and South Carolina have been listed for sale:
—The last time PGA National Resort & Spa changed hands, the Palm Beach Gardens, Fla., property fetched a tidy $170 million and is now on the market again, the Palm Beach Post reported.
Walton Street Capital of Chicago bought PGA National from Llwyd Ecclestone in 2006. Since then, the owner has spent $89 million on renovations. The property includes 339 hotel rooms, a 40,000-sq. ft. spa, 42,000 sq. ft. of meeting space and five 18-hole golf courses. The resort hosts the annual Honda Classic golf tournament, along with a number of smaller events and conferences, the Post reported.
Hotel broker Hodges Ward Elliott of Atlanta is marketing the property. The Palm Beach County Property Appraiser values the resort at $80 million, but it seems likely to trade for far more than that, the Post reported.
“It’s a trophy asset in a great market. I’m sure there are lots of potential buyers that would love to own it,” said Joel Paige, the former managing director of the property.
PGA National last sold during the heyday of a loophole to the state’s documentary stamp tax, and neither seller nor buyer disclosed the price in a deed. However, former President David Feder sued Ecclestone, saying he was promised $8.5 million if the property sold for more than $110 million. In the course of that suit, Feder disclosed the $170 million price tag, the Post reported.
More information on the property’s amenities can be seen on the resort’s website, here.
—Conway (S.C.) Country Club is listed for sale for $2.6 million through the Berkshire Hathaway Real Estate Company, the Conway-based My Horry News reported.
The property includes 66.2 acres with a clubhouse, pool and tennis court. It was once an active social site with parties on holidays, kids golf, a wide array of golf tournaments for men, women, couples and even one bad golfers tournament, News reported.
The clubhouse and pool were popular places for cookouts, weddings and wedding reception. But in recent years membership has declined and play is reportedly down. Financial troubles became apparent several years ago when the club sold its driving range to developers, who have built two homes there and are continuing to market several more lots, News reported.
Chris Wallace, the assistant pro at the club and vice president of the club’s board, said that the board hopes that whoever buys the club will continue to run it as a golf course. But the broker said that’s unlikely, News reported.
In a prepared statement, Wallace said, “Conway Country Club has decided to field offers for the sale of the club. The golf course industry has become an incredibly difficult business environment in the last decade and we have faced many of the same hardships other area golf courses have not been able to overcome.”
Golf course officials did everything they needed to do to satisfy the laws governing the club, Wallace said. Instead of sending letters to stockholders as they have in the past, they chose instead to run a newspaper advertisement about the group’s annual stockholders meeting. They ran their advertisement in the Charleston Post and Courier. A majority of the people at this year’s meeting, held November 29, approved plans to sell the course, Wallace said. The property was listed December 20, News reported.
Estimates put the number of houses that can be built on the site at somewhere between 180 and 200, News reported.
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