For anyone who has ever dreamed of owning a golf course, for the price of $6 million that dream could come true.
The Cross Creek Golf Club, located in Beltsville, off of Interstate 95, went on the market this week and is being called a “steal” by the agent representing Landscapes Unlimited, the course?s owner.
“You couldn?t buy this land or build this golf course for $6 million,” said Hilda W. Allen, president of Hilda W. Allen Real Estate.
Allen added that when the course was constructed in 2002, about $12 million was invested in the 18-hole, par-70 golf course. But, due to changing market conditions, Landscapes decided to take the loss this time.
“In today?s market, the industry has changed a little and it?s more of a buyer?s market than seller?s market,” Allen said. “We determined that this was a fair price based on revenues in today?s golf industry.”
Mike Jenkins, president of Landscapes Unlimited, which developsand reconstructs golf courses across the country, said putting the Maryland golf course on the market is part of a company-wide initiative to sell some of its golf club to create more working capital to reinvest.
He admitted the company over-invested in the Maryland property and now is hoping to cut its losses.
“This cost a lot more to build than we ever budgeted,” Jenkins said. “It was built in the early part of 2002 when things were a little different in the golf market. Since then, so many golf courses have opened. In the future, it will probably get that [$12 million] value, but today there are just so many courses.”
Both Allen and Jenkins expect the course?s location between Baltimore and Washington to be a major selling point for the property. Allen said that she is hoping to complete the sale by the end of the fourth quarter of 2006.
Aside from the 140-acre course, the golf club also features a clubhouse with full-service restaurant, two tennis courts, a six-lane Junior Olympic swimming pool, pro shop, baby pool and bathhouse.
“It?s kind of a country club-style environment on a daily fee golf course,” Jenkins said.
