Members to buy clubs from Bonita Bay Group

Members of the Shadow Wood Country Club and The Commons Club in the Estero, Fla., area have agreed to purchase their clubs from debt-plagued developer Bonita Bay Group for $8.25 million.
 
The deal is the club members’ second attempt after an agreement to buy them for $8.3 million fell apart earlier this fall.
 
Shadow Wood includes two Bob Cupp-designed 18- hole courses and a 30,000-square-foot clubhouse. A third course, The Preserve by Arthur Hills is located about four miles away. The Commons Club includes a fitness center, beach club and a restaurant.
 
The deal was made more complex by the issue of liability for membership deposits owed to members who have resigned. Bonita Bay Group has agreed to keep that liability, although they will collect any joining fees from new members to offset those costs. Approximately 40 members have already resigned from Shadow Wood, and more are expected.
 
New golf members will pay $5,000 to join, sports members will pay $3,500 and social members will pay $1,000.  

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