Lake Wales Country Club

AUCTION

Lake Wales Country Club
Seth Raynor & Donald Ross Original Design
2925 State Road 60 E, Lake Wales, FL  33898

Selling Online Only

AUCTION BID DEADLINE: Thursday, February 18th @ 11 AM EST

ASSET DESCRIPTION: Consisting of 151+/- acres, Lake Wales Country Club features a premier 18 hole championship course designed by Seth Raynor and Donald Ross. The club offers a tree lined golf course, practice facility, clubhouse and tennis program. The state of the art clubhouse is 30,000+/- sq. ft. with a banquet facility that provides seating for 300+. The clubhouse features an oversized kitchen, storage area and is ideal for weddings, tournaments, private events and more. Polk County Property ID #28-30-05-000000-021010.  

Property selling subject to purchaser's ability to assume existing cart lease.  The cart lease provides 62 DR2A AFI golf carts with 8 annual payments of $5,270.00. Payments are not required for June, July, August and September. The lease ends on May of 2024.

Property is being sold with all existing pro shop inventory, intellectual property and all remaining personal property throughout clubhouse, kitchen, dining room, etc. 

2020 Rounds Played = 28,550
2019 Rounds Played = 30,750

IMPORTANT UPDATE 02/09/21: A very limited amount of "owned" maintenance equipment exists. The larger assets required to maintain this golf course are leased. The property is being sold subject to the purchaser's ability to assume a portion of a John Deere equipment lease with Milmack, Inc. that started on September 1st, 2019 and ends on September 1st 2023. Some of the equipment within the lease is allocated for use a Oakwood Golf Club. The equipment allocated for Lake Wales Country Club is as follows:
(1) 2019 Jacobsen HR-6010 Large Area Rotary Mower
(2) 2019 John Deere TX 4x2 Gator
(1) 2019 John Deere ProGator 2020
(1) 2019 John Deere 1200 Hydro Bunker & Field Rake
(1) 2019 John Deere Lely 11.5 Cu. Ft. Trailed Broadcast Spreader
Total Monthly Lease Expense, Including Taxes: $2,862.75
Again, this John Deere lease ends on September 1st of 2023.

"Owned" Maintenance Equipment:
(1) Jacobsen GP400 Serial #6270611008
(1) Jacobsen GP400 Serial #6270610995
(1) Jacobsen LF570 Serial #68019231175-01953
(1) Kubota L3301HST Tractor w/ Front Loader & Backhoe

 

CLICK HERE for Club Website

INSPECTION: Please contact Auctioneer for instructions.

REGISTRATION & BIDDING: Online registration and bidding to start on February 8th.

TERMS: Please click the "Documents" tab for General Terms and Conditions.

BUYER’S PREMIUM: A 10% buyer’s premium will be added to the high bid. Example: For a high bid of $100,000, a 10% buyer’s premium of $10,000 will be added making the purchase price $110,000.

ONLINE BIDDING: For online bidding instructions, please contact Scott Schwartz at 404-550-3490 or scott@bullseyeauctions.com.

Auction Conducted by: Hilda W. Allen Real Estate, Inc., 212 Old Quitman Annex Road, Adel, GA 31620, Phone: 229-896-1492.
FL Auction #AU3003  / FL RE #BK3036361

Online Auction Facilitator: Bullseye Auction & Appraisal, LLC, 500 Pike Park Drive, Suite F, Lawrenceville, GA 30046 

AUCTION REGISTRATION: In order to register for this auction, prospects can visit www.BullseyeAuctions.com . Bullseye Auction & Appraisal is acting as online bidding administrator for this auction.

TERMS OF SALE: Winning bidder will pay an earnest money deposit of ten (10%) of the purchase price (bid amount plus buyer’s premium). Upon conclusion of the bidding, Buyer will sign an Auction Purchase and Sale Agreement. Buyer will also submit a non refundable earnest money deposit to Designated Escrow Agent’s Account within 24 hours after the auction. Earnest money deposit can be in the form of check or wire transfer. Successful bidder not executing and returning their contract with earnest money deposit within 24 hours of the auction will be considered in default.

Closing must occur within 30 days of contract acceptance. Buyer not closing within the contractual time period to close may forfeit his/her earnest money deposit. Buyer shall execute an Auction Purchase and Sale Agreement for the property immediately after being declared the successful bidder by Auctioneer. A form Auction Purchase and Sale Agreement is available by contacting Auctioneer.

PROPERTY INSPECTION: Call Scott Schwartz at 404-550-3490 for instructions.

PRE-AUCTION OFFERS: Must be on cash terms and must be submitted to Auctioneers no later than 48 hours prior to the auction bid deadline.

BUYER'S PREMIUM: Property will be sold with a ten (10%) percent buyer's premium. The bid amount plus buyer's premium equals the final purchase price. For example: A $100,000 bid, plus the $10,000 buyer's premium, equals the $110,000 final purchase price.

FINANCING: Please note that financing is NOT a contingency of this auction. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.

PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.

TAX EXCHANGE: Seller and Purchaser agree that certain Sellers may effectuate 1031 Tax Exchanges on the property sold herein. Buyer will agree to cooperate and execute necessary documents to enable Seller to consummate said transactions.

EASEMENTS: All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.

BUYER'S NOTE: Personal on-site inspection of the property is strongly recommended. Prior to inspecting, please contact Auctioneer for instructions. Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by limited or special warranty deed. Only the following sale closing costs will be paid by seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; (2) reasonable title corrective expenses, in Seller’s sole determination; and (3) prorated property taxes and back taxes due, if any. All other closing costs, including but not limited to surveys, title examination, tax stamps, loan closing costs, and closing attorney fees are at the expense of the Buyer. Buyers pay all closing fees charged by closing attorney.

Information was gathered from reliable sources and is believed to be correct as of the date this brochure is published; however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Seller or Auctioneer to update this information. The seller does not have any liability whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction Purchase and Sale Agreement. Bid increments are at the sole discretion of Auctioneer. Property is selling subject to Seller confirmation. There is no obligation on the part of the Seller to accept any backup bids in the event the high bid falls through.

CLOSING: Closing to occur at the attorney offices designated by the Seller. Seller agrees to pay 0% of the closing attorney fees. Seller will be responsible for the state transfer tax, prorated portion of current year taxes, title corrective expenses and any other fees required by Florida law.

AUCTION CONDUCTED BY: Hilda W. Allen Real Estate, Inc. 212 Old Quitman Annex Road, Adel, GA 31620 – Phone: 229-896-1492– Fax: 229-896-1180 FL

Auction #AU3003 / FL RE #BK3036361