Eight of the golf courses in Horry County, S.C., were sold for a combined $13.48 million. Willbrook Plantation sold for $3 million, and the price of the remaining three properties has not been disclosed. All properties were owned by National Golf Management.
Investors from China have announced the purchase of 12 more golf courses, this time from National Golf Management, the Conway, S.C.-based MyHorryNews.com reported.
The scope of the transaction remains fluid, but eight of the 12 courses are in Horry County and sold for a combined $13.48 million, according to Horry County property records. The eight courses include the three Myrtle Beach National courses, Grande Dunes Resort Course, both courses at Myrtlewood, Long Bay Golf Club, and Pine Lakes Country Club, MyHorryNews.com reported.
Four courses in Georgetown County also sold. They include Willbrook Plantation, River Club, Litchfield Country Club and Pawleys Plantation, MyHorryNews.com reported.
Willbrook sold for $3 million, according to records filed April 17 with the Georgetown County Register of Deeds office. The sales prices for the other three courses were not immediately available as of this posting, MyHorryNews.com reported.
News of the transactions was announced in a press release from The Brandon Agency, the paid public relations firm that represented National Golf Management and, now, Founders Group International (FGI).
Terms of the deal were not disclosed in the news release, MyHorryNews.com reported.
According to deeds filed in Horry County, the three Myrtle Beach National courses – King’s North, West and Southcreek – sold for $6 million. The Myrtlewood Palmetto and Pinehills courses sold for $2.4 million, while Grande Dunes Resort Course, Pine Lakes and Long Bay sold for a combined $5.08 million. Deeds did not disclose sales prices for any of the courses individually. The deeds were signed April 22 and filed a day later, MyHorryNews.com reported.
Founders Group International’s parent company Yiqian Funding is primarily owned by Chinese investor Dan Liu and Nick Dou from New York, the Brandon Agency news release said. Dou will serve as President of FGI and day-to-day management responsibilities will be spread among key executives for the organization. No changes are planned for current operational employees at each facility, MyHorryNews.com reported.
“We are incredibly excited about this acquisition,” Dou said. “Not only does it add 12 great golf courses to our portfolio, it adds a marketing engine, call center and high traffic websites that will help drive rounds and revenue.”
The sale also includes National Golf Management’s call center, Tee Time Center, and its golf package operations known as Ambassador Golf and the Myrtle Beach Golf Trips, which includes the rights to multiple websites, MyHorryNews.com reported.
Investors from China have bought at least 15 other golf courses over the past 12 months. FGI has previously bought TPC Myrtle Beach, Aberdeen, Burning Ridge, Colonial Charters, Founders Club, Indian Wells, River Hills and World Tour. Wild Wing Golf Plantation and the Tradition Club – two other FGI courses – were purchased earlier this month, according to Horry County property records, MyHorryNews.com reported.
In addition to golf courses, FGI completed to golf-related purchases in April. Founders Development LLC, a corporation affiliated with FGI, paid $1.25 million for 21.5 acres of undeveloped land off TPC Boulevard near TPC of Myrtle Beach. The land is zoned as a planned development district and the deal closed April 7. Founders Development also bought 47.6 acres on April 13 for $2.1 million, MyHorryNews.com reported.
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