Oct 16, 2015
Now This is Waterfront
(PORTSMOUTH, RI) Here’s an opportunity that only comes around once in a lifetime: The chance to own a private, oceanfront sporting estate complete with a Donald Steel designed, waterfront links-style golf course, 70,000-sq. ft. clubhouse, and a full practice facility. The Carnegie Abbey Club, a 280-acre golf and sporting club on Narragansett Bay, is looking for qualified principals (through exclusive agents The Flynn Company and Golf Property Analysts) who would like to acquire the whole kit and caboodle. And there’s quite a bit of caboodle, including The Golf Lodge (five residential units, all sold), tennis pavilion, seaside swimming pool, equestrian center, fitness center, European spa, and a restaurant on the water. No word on the asking price, but as they say, “If you have to ask, you can’t afford it.”
Oct 14, 2015
Sale of the Century
(NORTHWEST TEXAS) It’s the real estate listing that’s nearly as big as Texas. Waggoner Ranch, bigger than New York City and Los Angeles combined, spans half-a-million acres and is loaded with history and oil reserves. A favorite of Will Rogers and Teddy Roosevelt, the ranch comes with more than 1,000 oil wells, 6,800 head of cattle, and 30,000 acres of cropland. But interested buyers have only until October 20 to submit an offer on the asking price of $725 million. The largest U.S. ranch within a single fence has been owned by just one family for its 165 years and is being sold to liquidate the trust that manages it. Before you get too excited about the prospect of striking it rich with this real estate (only 10% of the ranch’s land has been explored for oil), you’ll need to have a net worth around $7 to $8 billion to afford to buy and run the place. And one more thing, the current owners will retain 25% of the mineral rights (just in case one of those oil wells strikes it big).
Oct 12, 2015
(NASSAU, BAHAMAS) It’s been 523 years since Columbus landed in the Bahamas and “discovered” the Americas. Most recently, the explorer has been mired in controversy, so it seems appropriate on this day to check in with the multi-million dollar resort and residential project, Baha Mar, located on the oceanfront in Nassau. At $3.6 billion, it was the largest project under development in the Western Hemisphere and the Caribbean’s largest single-phase hospitality investment in history when it filed for bankruptcy protection in June, citing delays by its Chinese contractor. The bankruptcy filing was dismissed by a U.S. judge in September, who said he “perceived no greater good” would come from allowing the case to continue in the U.S. At about the same time, the Bahamian Supreme Court, which had earlier declined to recognize the developer’s Chapter 11 bid, appointed provisional liquidators for Baha Mar. Last week, the liquidators appointed to oversee the project said they remain optimistic even though “there is still work to be done” regarding the opening of the project. A “Special Notice” on Baha Mar’s website states, “We are committed to doing all we realistically can to move Baha Mar forward to be completed and opened successfully. We are confident that once opened, Baha Mar will be a world-class destination resort that will attract guests from around the world and serve as a key economic sparkplug in The Bahamas.”
Oct 09, 2015
(SARASOTA, FL) We have the feeling that Suzann Pettersen and Allison Lee probably won’t team up anytime soon to design a golf course together. But things could have turned off much differently. Like Jack Nicklaus’ famously conceded putt to Tony Jacklin at the 1969 Ryder Cup that became known as The Concession. The two later teamed up to design the acclaimed golf course in the private gated community, also called The Concession. Inside the low density, luxury community, The Concession Residences is entering its final phase by making 38 premier one-acre homesites available. Featuring idyllic lake views, the homesites start at $369,000 with custom homes beginning at $1 million. Many of the lots boast 300-feet of depth, creating plenty of room for spacious backyards, beautiful gardens and guest or pool houses. The community is coming off a banner year in which 55 homesites sold and 16 homes were completed. Year to date, 23 home sites have sold at an average price of $305,617, an 18 percent increase year-over-year.
Oct 07, 2015
(TRAVELERS REST, SC) With access to seven courses under a single membership at The Cliffs, members have plenty of choices for play—and practice. Especially now with the completion of renovations to the practice facilities at its two most mature, award-winning courses: The Cliffs at Glassy and The Cliffs Valley. The $525,000, three-month-long process encompassed a total rebuild of the practice facility at Glassy, including increasing tee space from 18,000–sq. ft. to 31,000-sq. ft. and a new short game green. Enhancements at The Cliffs Valley included a new short game area, a 3,000-square-foot green and two new green side practice bunker complexes. At both practice facilities, the renovations helped simulate what golfers actually experience on the course.