Golf course sold for $2m
Members of Rotorua's Lake View Golf Club have agreed to sell their course for $2 million to investors, who will turn it into an $11 million international golf resort.
The members, who own the course, voted 114 to 15 to go ahead with a development to be
called The Lakes International Golf Resort.
Full playing members of the club will be given a range of perks for their shares, including life membership to the new resort and a cash payout expected to be between $7500 and $8000 each. Starting tees will be reserved for the club on Wednesday mornings and Saturdays until 1pm and the new owners have agreed to set aside days for annual club tournaments and pennant days.
The deal for life members, which is transferable once to a living person, entitles them to full use of the resort's facilities.
It also includes reciprocal rights to a new course being developed by the same investors in Orewa, plus discount rates for up to three guests a round.
The international-standard golf course will be built on the existing course 10km north of Rotorua, with a further three holes on a neighbouring property.
- NZPA
