Musket Ridge Golf Club sold for $3.35 million this week, according to Steve Ekovich, Director of the National Golf & Resort Group of Marcus & Millichap, which brokered the property. The buyer was a Virginia-based fund manager, and the seller a financial institution based out of Pennsylvania.
“We had tremendous interest when we marketed this asset,” Ekovich said. “What was unique is that while this asset was a little farther than many buyers wanted from a major MSA, we sold the property over list price, with $100,000 hard at LOI and another $1,565,000 at signing of the Purchase agreement.”
Ekovich said it is hard to get both non-contingent deposits and strong buyer interest in today’s golf market. The course had $2.259 million in revenue in the past year.
Musket Ridge Golf Club is an 18-hold semi-private golf facility, located in Myersville, MD. It was built in 2001 and designed by Joe Lee. Amenities at Musket Ridge include a 12,000-square foot clubhouse, fully stocked pro shop, and banquet facilities that were built in 2007 for $12.25 million.