Closed since 2007, Matanzas Woods GC in Palm Coast, Fla., which was bought for $2 million in 2011, has been acquired by a Jacksonville, Fla.-based ownership group.
Matanzas Woods Golf Course in Palm Coast, Fla., has a new owner, the Daytona Beach News-Journal reported.
The course, which was closed for renovations in 2007 and never reopened, was sold for $266,750 in a deal that closed October 3, according to property records, the News-Journal reported. The buyers, Group Golf of Palm Coast LLC, based in Jacksonville, Fla., have a name very similar to the previous owners, Golf Group of Palm Coast LLC, which bought the 277-acre complex in 2011 for $2 million, the News-Journal reported.
The former owners of the course, which was designed by Arnold Palmer and Ed Seay, also own the Cypress Knoll and Pine Lakes courses in Palm Coast, the News-Journal reported. According to records from the Florida Department of State’s Division of Corporations, the new owner, Group Golf of Palm Coast, is owned by Stephen Richardson and Michael Yokan.
Neither Richardson nor Yokan returned calls seeking comment on the transaction, the News-Journal reported.
The Matanzas Woods property is now valued at $204,615, according to Flagler County Property Appraiser Jay Gardner’s office, the News-Journal reported.
As reported by C&RB at the beginning of 2014, the condition of Matanzas Woods property had deteriorated to the point where it raised local concerns (http://clubandresortbusiness.com/2014/01/31/residents-may-volunteer-open-matanzas-woods-gc/). At around the same time, the News-Journal reported, local developer Jim Cullis tried to buy the course, with an eye toward turning the property into a park or using some of the land for new home construction. But nearby residents resisted the idea and Cullis walked away from the deal.
When contacted after the announcement of its sale, Cullis told the News-Journal that he was aware of the transaction but didn’t know any details of the sale. “I think that’s probably a fair price,” he said, referring to the $266,750 purchase price. “I hope they come in and rebuild the golf course and return Matanzas to its majesty.”
Because of the low sale price, Cullis added, the new owners don’t necessarily have to do anything right away.
“At that price, you sit on it and watch and see if the market does come back,” he said. “I’ve always been skeptical about when and if the golf business returns. I wish them the best.”
Jon Netts, Mayor of Palm Coast, called news of the sale a good thing for the city, the News-Journal reported.
“Something needs to happen there,” he said. “Obviously the thing the neighborhood would prefer most is a golf course. I’ve been told by any number of people that [Matanzas Woods] was the premier golf course in Palm Coast.”
It would be “great” if the course could be restored, Netts added. “I can’t imagine why you’d buy it otherwise,” he said. “I’m cautiously optimistic.”
In a separate column written after the report of the sale, Diane Zeeman, a News-Journal columnist, called Matanzas Woods “the jewel in the crown” of the three courses owned by Golf Group of Palm Coast. Matanzas Woods opened in the mid-1980 as one of four courses built by ITT, the developer of Palm Coast, Zeeman noted. Other owners over the years, prior to the Golf Group, included the Lowe’s Corporation and Crescent Resources/Landmar, which purchased three of the courses for $10.75 million in 2004 and announced plans to renovate them. But only the Cypress Knoll and Pine Lakes renovations were completed before the recession.
Matanzas Woods was also heavily damaged in 1998, when wildfires swept through the region that dramatically changed the course, Zeeman noted.
Zeeman’s column cited rumors that the new owners will plan to reopen the practice facility at Matanzas, along with a few holes, as a way to initially test interest in the property.
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