Trending

West Palm golf course sells for $26M

A photo of the President Country Club 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.

Sign Up for the undefined Newsletter

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.

Recommended For You