Daytona Beach’s LPGA International has been sold for $3.45 million to Fore Golf Partners, a Virginia-based company that has owned and managed more than 100 private clubs, daily fee golf courses and resorts over the past 38 years.
DAYTONA BEACH — The pair of golf courses at LPGA International have a new owner, the beginning of a new chapter for the popular courses that have bled money for decades.
Fore Golf Partners late Thursday completed its $3.45 million purchase of the two 18-hole courses on the city’s west side. The Virginia-based company acquired the 657-acre golf club property from Consolidated-Tomoka Land Co.
Daytona Beach-based Consolidated-Tomoka, which announced the deal Friday morning, also said it paid off its remaining liability to the city totaling $540,000.
That payment covered the per-round surcharge the company agreed to pay the city in connection with its prior buyout of the land lease with the city.
Manassas, Virginia-based Fore Golf, in turn, agreed to pay Consolidated-Tomoka $560,000 in the future based on a per-round surcharge of $1.50 for each round of golf played at LPGA Golf Club.
“We’re pleased to have completed the sale of the golf operations, which has sustained significantly operating losses throughout the history of the Golf Club and required substantial capital expenditures in recent years,” said Consolidated-Tomoka CEO John Albright.
“We’re glad to transition the golf courses to an experienced operator,” said Albright, whose company owns income-producing commercial real estate properties in multiple states. “This (operating golf courses) is not our core business.”
The sale included the Clubhouse at LPGA International, which includes a restaurant called Malcolm’s Bar & Grill as well as a golf pro shop. LPGA Golf Club employs approximately 125 full-and part-time employees.
“The bulk of the jobs are going to stay with the new owner,” Albright said, adding that there may be changes in senior management positions at the golf club.