Three golf courses recently changed hands, but terms of the deals were not disclosed, so it’s uncertain what trends, if any, are underway in what’s been a topsy-turvy real estate market over the past several years.
The sales, though, include some interesting properties, including the Snowmass Club, a private country club in Snowmass Village, Colo., which was previously owned by the Aspen Skiing Company.
Also sold were the Firethorne Country Club in Marvin, N.C., and the Old York Country Club at Chesterfield located in Chesterfield, N.J.
Toll Golf, the golf and country club operating division of Toll Brothers, Inc., purchased the Snowmass Club, located 8,000 feet above sea level amid mountain peaks and a short drive from Aspen.
The Snowmass Club is internationally recognized for its quality as well as its location in one of the world’s premier destinations, according to David Richey, president of Toll Golf.
“The club today has over 1,000 members from around the world and we look forward to meeting them and continuing to deliver the high-quality lifestyle that they have become accustomed to under the Aspen Skiing Company ownership.”
The centerpiece of the club is the award-winning Jim Engh golf course featuring elevated tees and views of Mount Daly and the Snowmass Mountain ski trails. Snowmass Club has a 64,000 square-foot member clubhouse featuring Sage Restaurant & Patio, a full-service restaurant and bar with outdoor patio seating overlooking Mount Daly. The clubhouse also features a fitness center, spa, 4 outdoor pools, indoor-outdoor hot tubs and 11 outdoor and 2 indoor tennis courts.
During the winter months, the golf clubhouse transforms into the Snowmass Cross Country Center. Operated by Ute Mountaineer, an adventure-sports retailer in Aspen, the center provides on-snow instruction and access to over 70km of cross-country terrain for skiers of all abilities.
The Firethorne club had been under the ownership of a wholly owned company of Textron Financial. Steven Ekovich and Chris Karamitsos with the National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, represented the seller.
The 18-hole course was acquired in a portfolio purchase by a new entity to the golf industry. However, the buyer is a veteran of the hospitality industry. A source identified the buyer as being Stratford Hospitality,
Firethorne Country Club is located in the Village of Marvin. It is a member-only club featuring the Tom Jackson designed course which first opened in 1998, and is currently rated one of the most challenging golf venues in the Charlotte metro area.
The sale included the stone country manor clubhouse as well as ten tennis courts, a water park consisting of four pools and a childrens’ slide, a fitness center and a fine-dining facility.
The Old York Country Club — a Philadelphia-area country club — was purchased by Three Putt LLC according to Fairway Advisors.
Jeff Davis, president of Fairway Advisors, said: “This was a unique opportunity to acquire a well-located facility for substantially less than replacement cost. Old York attracted multiple offers in less than eight weeks of market exposure. The market clearly recognized the unique combination of Old York’s attributes.”
Fairway Advisors has been very active within the Northeastern and Mid Atlantic regions with over a dozen sales during the current economic cycle.