The Real Deal Miami

West Palm golf course sells for $26M

Buyer took out $14 million loan from seller to finance deal

August 26, 2015 10:30AM
By Sean Stewart-Muniz

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A photo of the course from the country club's website

A photo of the President Country Club from the country club’s website

The President Country Club golf course in West Palm Beach was just sold for $26 million, and its new owner could be planning to redevelop the property into a housing community with a hotel.

The golf course, located at 2300 Presidential Way, measures more than 240 acres and has water views of Lake Magnonia, according to Palm Beach County property records.

Its previous owner, a company titled Palm Tree Golf Management, purchased the property for $11 million in 2011. The company is managed by George T. Elmore, founder of Delray Beach-based Hardrives Paving. He started his paving firm in 1953 and contracted with local municipalities to help build highways throughout Palm Beach County.

The buyer is a company named Banyan Cay Dev, managed by Domenic Gatto’s DJG Realty. Gatto’s purchase was financed with a $14 million loan from Palm Tree Golf Management.

A Palm Beach Post article about the golf course says city commissioners approved redevelopment plans for the site last year including a 250-room hotel, 23 resort villas alongside the hotel, a 15,00-square-foot spa and 94 single-family homes.