Musket Ridge Golf Club for sale, getting offers

Musket Ridge Golf Club, located in Myersville, Maryland, has been for sale for $3.3 million for two weeks, and the broker already has two offers.

“When a course makes sense, there is a lot of interest,” said Steven Ekovich, Vice president of investments at Marcus & Millichap, which is brokering the course.

The course was built by a private developer in 2001 for more than $12.25 million. In 2007, it spent $3 million on a food and beverage hall. But the private club is only generating $2.26 million in revenue a year. The stand-alone golf course was recently taken over by the bank.

Musket Ridge has been recognized as one of the “Top 10 Public Courses in Maryland” by GolfWeek Magazine and is rated one of the “Top 100 Must Play Courses in the Mid-Atlantic” by GolfStyles Washington.

Ekovich said there are many courses on the market that have debt higher the value on the market. But when a course makes sense, it generates interest among buyers. He is hopeful to have the course under contract in two weeks.

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What does it mean "when a course makes sense?" What makes sense is that someone could acquire a golf course for $3M that someone else built/improved at the folly of $15M. If, at $2M in revenue it's still losing $500K/yr, does picking it up at $3M still "make sense"? Other golf courses have been transacting at around 1x revenue so that would still value this at a premium to those other recent transactions. Compounding that is the fact that the course is too far from the metro DC area and at least 4 other courses built on the same premise are on the corridor to Musket Ridge between DC and it. Overengineered, tough location, it will be interesting to see if it really "makes sense" to any of the bidders and, if so, if it makes sense at $3M or something lower.

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