Pinewild Country Club sold for nearly $20M
By Staff Report, posted Nov 3, 2023 on BizFayetteville.com
Steven Ekovich, Executive Managing Director, just announced the sale of Pinewild Country Club of Pinehurst. Christopher Karamitsos, Senior Managing Director, was the lead advisor for the transaction.
The property was sold for $19,750,000 (combined golf course and the land). The Leisure Investment Properties Group, a renowned industry leader in golf course and marina sales nationwide, served as the Golf Advisors for the purchase. The group has sold over 200 golf courses, marinas and other leisure - lifestyle investment properties in the past few years.
Located just one mile from the quaint and historic Village of Pinehurst, this gated golf course community offers residents a gracious and private lifestyle. Pinewild features two 18-hole championship courses, the Gene Hamm designed Magnolia Course and the Gary Player designed Holly Course, along with the Azalea, a 9-hole par 3 course.
In addition to golf, the club boasts a world-class practice facility and golf academy, a 25-meter Olympic swimming pool & children’s wading pool, 4 Har-Tru tennis courts and a centrally located clubhouse which houses the pro shop, locker rooms, dining rooms, snack bar and a spectacular patio overlooking the Magnolia course.
Included in the sale was an additional 500 +/- acres of land for residential development. Based on current density, new ownership has the potential to develop 1000+ future residential sites. As is, there are over 900 homes existing within the community with home values ranging between $325,000 - $1,750,000.
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