Case Studies
Musket Ridge Golf Club – Myersville, MD
In the fall of 2010, Steven Ekovich, National Managing Director and Vice President of the Leisure Investment Properties Group was contacted regarding Musket Ridge Golf Club of Myersville, MD. This REO property was once known as a renowned golf course ranked as “Top 10 Public Courses in Maryland” by Golfweek and GolfSytles Washington’s list of “100 Must Play Courses in the Mid-Atlantic”. Plagued with a foreclosure stigma, the bank-owned property was faced with difficulty in finding a buyer.
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Sea Trail – North Myrtle Beach in the town of Sunet Beach, North Carolina
In March 2012, the Court-Appointed Receiver of the Sea Trail Resort, situated in North Myrtle Beach, in the town of Sunset Beach, North Carolina approached Steven Ekovich, Managing National Director, Vice President of Investments of the Leisure Investment Properties Group regarding the sale or auction of the resort. Upon the initial tour of the property, Mr. Ekovich realized the tremendous disrepair of the property and the substantial need of capital expenditure to restore this once preeminent resort and adjacent property back to its formal nationally renowned prominence.
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Fords Colony Country Club – Williamsburg, VA
In 2012, eight brokers were invited to present proposals to represent the sale of the Fords Colonly Country Club and master planned community located in Williamsburg, VA. Seven brokers informed the sellers the property should be listed between $10,000,000 and $16,000,000. Steven Ekovich, National Managing Director and Vice President of the Leisure Investment Properties Group informed the sellers, after a full valuation of the property that Ford’s Colony based on any golf metric known, there is no cooberating evidence to support their current pricing by the other brokers.
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The Ritz-Carlton Club – Jupiter, Florida
In early 2012, the sellers of the Ritz-Carlton Club located in Jupiter, Florida made the decision to sell the Club to its members. At that time, the Club had a deposit liability of over $49,000,000 in refundable membership deposits. The sellers began negotiating the sale of the Club with the members. The sellers would maintain $29,000,000 in membership liability and the members would assume the $20,000,000 balance.
