The Crossings Golf Club in Henrico, Virginia may have once been worth more than $10 million, but the daily fee course recently sold for only $1.7 million.
Arcis Golf sold it for $1.7 million to Matthew Hall, who owns Meadowspring Turf Farm and Home Field Fertilizer. His companies supply golf courses in the region. Hall is the club’s fourth owner in 14 years, and it appears he got the best deal.
Traditional Golf bought the course in 2002 for $5.2 million. It was acquired by CNL Lifestyle Properties, a REIT, in 2008 for $10 million. Arcis bought it as part of a much larger portfolio from CNL in 2014 for an estimated $2.4 million. Arcis said the sale is “part of a tailoring and fine-tuning of its portfolio.”
The Crossings property was built as a nine-hole extension of another club in the early 1960s. It added 9 holes and became known as The Crossings in the early 1980s.