The Polo Trace Golf and Country Club in Delray Beach is the latest in a long line of South Florida golf courses to be handed over to a developer with plans to build new single-family homes.
Property records show an affiliate of GL Homes just paid $10 million for the golf course and country club at 13479 Hagen Ranch Road. In total the land spans a little more than 150 acres, meaning the deal breaks down to about $66,700 per acre.
Polo Trace Golf Club LLC, led by Bruce W. Quinn, is the seller. Records show Quinn bought the property in 2001 for $8.35 million and spent an additional $4,360 in 2003 for an extra 14 acres, consisting of several lakes within the golf course.
The Sunrise-based developer received county approval earlier this year to build up to 325 single-family homes on the golf course. GL Homes’ Larry Portnoy said the company will build 324 homes, with site work set to begin in June.
GL Homes also recently bought the Boca Raton Municipal Golf Course for $65 million, where it plans to replace the 27-hole, 194-acre course with a community of 500 homes. Earlier this month, the city of Boca Raton and its Greater Boca Raton Beach and Park District bought the 27-hole Ocean Breeze course for $24 million .
Atlanta-based Pulte is also developing 152 homes on nine of Woodmont Country Club’s 18 holes in Tamarac. It paid $10.2 million for the property in 2016.