A group of members purchased Horseshoe Bay Golf Club in Egg Harbor, Wisconsin on Jan. 25th, using a unique model.
Each owner will now have a “Founding Membership” that provides the owners with a free perpetual membership that can be handed down to their direct descendants into perpetuity. The owners sought such an arrangement to ensure ownership stability within families and to provide long-term commitment to the club.
Tim Danis and Jim Forbes, both residents of Horseshoe Bay Farms and long time members of the Club, led the buying group. All 28 of the new owners are property owners in the local country, many with family histories that span three generations. Many have also been members of the Club since it opened in July, 2000.
“We are thrilled to be able to acquire this great golf course,” Danis said. “The Club is being transferred with no debt on the balance sheet and a track record over the past several years of revenue growth and positive Operating Cash Flow. This is quite an accomplishment, given the state of the golf industry and the economy in general. In addition, the existing owners have done a remarkable job in maintaining the quality of the golf course and facilities.”
Current members will continue to have all membership privileges and rights as they had prior to the sale and policies will remain in tact. In addition, the new owners have retained the entire management team.
“This purchase demonstrates the long-term commitment of the new ownership group to maintaining a private Golf Club in Door County,” said Orie Milton, Realtor Coldwell Banker The Real Estate Group. “Furthermore the financial condition of the club ensures it will be around for a very long time, and provide stability for the residential community that surrounds the golf course”