Musket Ridge Golf Club, located in Myersville, Maryland, has been for sale for $3.3 million for two weeks, and the broker already has two offers.
“When a course makes sense, there is a lot of interest,” said Steven Ekovich, Vice president of investments at Marcus & Millichap, which is brokering the course.
The course was built by a private developer in 2001 for more than $12.25 million. In 2007, it spent $3 million on a food and beverage hall. But the private club is only generating $2.26 million in revenue a year. The stand-alone golf course was recently taken over by the bank.
Musket Ridge has been recognized as one of the “Top 10 Public Courses in Maryland” by GolfWeek Magazine and is rated one of the “Top 100 Must Play Courses in the Mid-Atlantic” by GolfStyles Washington.
Ekovich said there are many courses on the market that have debt higher the value on the market. But when a course makes sense, it generates interest among buyers. He is hopeful to have the course under contract in two weeks.
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