The National Golf and Resort Properties Group of Marcus & Millichap is pleased to announce the exclusive listing of Grenelefe Golf and Tennis Resort in Haines City, FL. Sean Glickman, an associate of Marcus & Millichap’s Orlando office, along with Steven Ekovich and Christopher Karamitsos, co-founders of the firm’s National Golf and Resort Properties Group, will combine forces to market the property. Grenelefe Resort has been brought to the market unpriced and is available for acquisition by market bid.
Grenelefe was a world renowned golf and tennis resort in the 1980’s and 1990’s but, of late, has suffered a series of misfortunes, leaving behind a legacy and with it, a great opportunity for redevelopment. Current ownership acquired the property to convert into a timeshare concept. In 2004, the parts of the resort suffered damage from Hurricane Charley including the conference center, tennis center and guest registration area. Much of this damage has yet to be repaired.
The offering includes 1,273 total acres, three golf courses (one of which is currently closed), 432 rentable/saleable condo units of varying size, a marina tract, a utility plant and 277 developable acres. In addition, this property may qualify for tax benefits associated with a conservation easement that has yet to be filed. Realistically, a savvy investor could market and sell the remaining 432 condo units individually, file for the easement and ultimately recover their entire initial outlay and own the remaining infrastructure free and clear.
This property was just listed on 12/11/2009 and has already spurred a significant amount of interest. There are severable viable concepts to redevelop the property and put Grenelefe back on the map. To view a full offering memorandum for this golf course and other golf courses for sale, please visit www.nationalgolfgroup.com
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