Sales update: Pinecrest Golf Club, Kissimmee Oaks, Palisades Country Club

John Brown, a former Troon Golf executive, has formed his own management company and acquired his first course.

Brown Golf Management formed on January 1, and closed on Pinecrest Golf Club in Bluffton, S.C. on March 1 for $1.4 million. Brown is now checking public and private courses in Bluffton, S.C., Orlando, Jupiter, Palm Beach, Sarasota and Venice, Fla., and in parts of Pennsylvania for another acquisition or management opportunity.

Brown used his own money to buy Pinecrest Golf Club from the Roquemore family. Rocky Roquemore designed the course. Lehigh Gas Co. President and CEO Joe Topper is one of Brown Golf’s financial partners.

In other news, Joe Bonanno moved his property manager company — West Essex Management — into golf course management for the first time with a $1.2 million purchase in February of Palisades Country Club aided by Hilda Allen. The prospect of acquiring a Joe Lee-designed course was too good for Bonanno to pass up. The Clermont, Fla., club is the second course to show up in West Essex’s portfolio.

Hilda Allen also recently brokered an all-cash purchase of Kissimmee Oaks Golf Club for $2.17 million. Buyer Ranjh Singh put down $500,000 to secure financing. Singh held a lease on the course from January 2010 through January 2011, when he exercised an option to purchase the course. Textron Financial Corp. was the seller.

The public course was co-designed by Gary Player and Karl Litten. It opened in 1986. It has 20 hitting stations on the driving range and a separate chipping and putting practice area.

 

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