Lefty Buys Another Course
By Torleif Sorenson on 9/5/14
It's a nice membership — if you can get one, that is.
Phil Mickelson may not own a U.S. Open championship, but he and some friends own five golf courses, including McDowell Mountain in Scottsdale, Arizona. The group is known as Manchester & Mickelson Group (MMG), which is also named for co-investor and San Diego Union-Tribune publisher Doug Manchester. Mickelson's agent and close friend, Steve Loy, is also a partner.
And now, "Lefty" and friends have signed a letter of intent to buy Fairbanks Ranch Country Club, just outside San Diego.
John Strege of Golf Digest reports that the asking prices of various clubs has dropped considerably in recent years. Strege quoted Jeff Woolson of CBRE as saying, "The average golf course deal in the 2000s was somewhere between five and eight million [dollars]. The average golf deal right now is between one and three million."
Woolson also says that Fairbanks Ranch is a very attractive course with an affluent membership. Members of the "M Club" courses owned by MMG have playing privileges at all five courses in their portfolio; presumably Fairbanks Ranch will have the same deal. However, a staff member refused to confirm the purchase plan, referring inquiries to Loy.
Even if they aren't talking, money talks — always.
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Image via Fairbanks Ranch Country Club
[ comments ]
Money talks, mine says "goodbye"
Tim Horan says:
Mine must be talking in Braille.
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