Shadow Wood Country Club buyout back on track...

Reported today is a new deal for the members of Shadow Wood to purchase the Shadow Wood Club and the Commons Club. On again, off again agreement appeared to be back on at this time.

The agreement calls for the members to purchase the assets of the two clubs at a reduced price from the original agreement. Combining the purchase of the two clubs helped get the deal back on track.

In addition to the purchase price, a big sticking point in the deal is the liabilities for the members' deposits. The new deal calls for Bonita Bay to keep the liabilities but to also collect new member joining fees to help offset the liability.

As of now, the new deal must be approved by a majority of the members.

Needless to say, this upheaval has put a damper on real estate sale in Shadow Wood and Tbe Brooks. I always maintained that it was the best time negotiate a deal because of the uncertainty that will be worked out. Any costs associated with the club could be covered in whole or in part in what you negotiate.

Stay tuned...