Markham, Ont.’s York Down Golf and Country Club has an offer of $412-million for its property, making it another example of a club that has found its property value outweighs its benefits as a golf course.
York Downs, a private club north of Toronto, had an initial offer of less than $325-million earlier this year to sell its prime real estate to a developer. The club elected to put out a tender to see if the land would receive other offers.
At a meeting this week, the club’s board of directors told members of a $412-million offer from a developer, which means the club would stay in its current location for five years with each member receiving about $200,000 for their share. Some members have suggested the club should relocate and build a new golf course, but according to sources that notion doesn’t seem to be gaining traction. Before it was closed to new members, golfers who joined York Downs paid around $30,000, meaning they’ll see a significant windfall from the sale.
The full story is here.
I’d add that York Downs is only one of several courses that are being sold — or potentially sold — right now. Calgary’s Harvest Hills is causing some controversy, as is Highland Gate in Aurora, Ont. And there are several courses in the Oakville/Milton area that have been sold for development.
The one note I’d add is that I don’t think any of these courses will be missed, including York Downs. Why? Because none of them were outstanding courses. Great golf courses find an audience—these didn’t.