Is Golf Real Estate on the Rebound?

The Lake Oconee Boomers Team

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Screen Shot 2012 11 27 at 12.29.16 PMCheck out this great article about Reynolds Plantation in The Met Golfer.  Reynolds Plantation is the 10,000-acre community about an hour’s drive east of Atlanta. In 2011, after the Reynolds membership rejected developer Mercer Reynolds’s asking price of $45 million for the six golf courses and other public areas, the community went into receivership, and it was going to take some deep pockets to rescue it. This vast collection of holdings on Lake Oconee—comprising the aforementioned courses and public areas, a Ritz-Carlton hotel, some 2,300 homes, 5,000 acres of undeveloped land, and other recreational amenities— found just that in MetLife. The insurance giant and longtime partner of the MGA agreed to purchase all of the property’s assets, paying about $160 million in equity and assumed debt..