University plans to sell 150-acre golf course in Pensacola
The University of West Florida paid $2.2 million for the Scenic Hills Country Club in 2012
The University of West Florida in Pensacola plans to sell a 150-acre golf course by Aug. 31 for an undisclosed price.
The university bought the Scenic Hills Country Club for $2.2 million in 2012. The Pensacola golf course wraps around the southwest side of the university campus.
Ed Ranelli, treasurer of a real estate arm of the University of West Florida called BEI, declined to disclose the sale price.
But Ranelli told the Pensacola News-Journal the buyer will be a limited liability company representing residents of the neighborhood around the golf course: RNL Investment Group LLC, managed by Pensacola residents Leo Lynne and Eric Reese.
Ranelli also told the News-Journal that the Scenic Hills Country Club has operated at a loss, but he didn’t specify the amount.
The university decided to sell the golf course after its BEI unit determined that operating the golf course was a non-core activity and that the long-term outlook for golf courses and country clubs generally is negative.
Jay Patel, vice chairman of the board of BEI, said buying the golf course in 2012 made sense at the time because the land is adjacent to the university. But he said the university’s priorities and property needs have changed over the last five years. [Pensacola News-Journal] – Mike Seemuth