site of the Kingswood Golf Club in Melbourne’s sandbelt has been sold for more than the $80 million asking price, according to a report.
The Age newspaper quoted the club’s board as declining to reveal full details of the purchaser or the price for commercial reasons. However the board’s statement indicated that the price was above $80 million. "We can advise members, however, that the terms fully meet, and indeed exceed, the sale amount forecast."
The land is 58 hectares in size and is expected to be rezoned for hundreds of new homes. Kingswood is being shut down over a five-year period and merged into the new Peninsula-Kingswood Country Club near Frankston, on the site of what was the Peninsula Country Club.
The merged club has two courses, the north and south, which are among the best in Australia. The merger, which has already occurred, leaves Peninsula-Frankston cashed up. A Supreme Court challenge to the merger by a disgruntled Kingswood member, William Falkingham, was dismissed last week.
According to The Age report, the board said: "Our founding clubs found a way to not only overcome the challenges but emerge as one of the leading clubs in the country.’’