The 156-acre property in Land O’ Lakes, Fla., closed in May and is listed for $1.2 million, down from $2.2 million in 2011, and includes the 11,000-sq. ft. clubhouse.
Plantation Palms Golf Club, the 156-acre property in Land O’ Lakes, Fla., that closed in May of this year, is on the market in a short sale, the Laker/Lutz (Fla.) News reported.
Dennis Realty has listed the “legendary golf course” for $1.2 million, down from the $2.2 million MJS Golf Club LLC paid for the property in 2011. The listing described it as an “incredible deal for this level of golf course,” which was designed by David Harman in 2000, the News reported.
The price includes an 11,000-sq. ft. clubhouse, described as “both elegant in decor and efficient in design,” the News reported.
Short sales are typically property transactions mortgage companies allow to save on the cost of foreclosure. They typically sell for far less than regularly priced properties, and depending on the mortgage company’s policies, the difference between the price sold and what’s still owed could still be left to the original owner, the News reported.
The mortgager in this case was Native American Bank of Denver, which funded the $2.2 million purchase with Mitch Osceola, Jayson Ray and Steve McDonald, the News reported.
Since the club closed in May, surrounding residents have complained about the lack of upkeep on the course, including more recently overgrown grass and decaying equipment. Pasco County code enforcement recently cited the property for its grass, giving the course two weeks to get it mowed, the News reported.
Native American Bank has not filed foreclosure paperwork with the court system, but could still opt to do that even as it continues looking for potential short sale buyers, the News reported.
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