Irish golf clubs still struggling
A major Irish golf club that was valued at more than £17 million less than ten years ago has been put up for sale with a guide price of less than £2 million.
The move is the latest sign that Irish golf clubs, many of which have struggled in the last few years, are still to significantly recover from the economic downturn.
The Heritage Golf & Spa Resort in County Laois, which was built in 2004, includes a championship golf course designed by Seve Ballesteros, a par three course, a golf school and a giant clubhouse.
The 225 acre facility was valued, according to the Irish Times, at more than 20 million euros during the property boom, but has since run ‘into serious financial difficulties’. This included it being placed in receivership in 2010 when two banks became concerned about their loans to the development.
The club’s adjoining hotel has also been placed up for sale.
The news comes as Woodlands Golf Club in County Kildare, which was also placed into receivership, in 2013, has sold at an auction for approximately £540,000, which was its reserve price.
The freehold 18 hole golf course includes a clubhouse, practice area and pitch and putt course on 127 acres of land.
Meanwhile, The Lodge at Doonbeg, one of Ireland’s premier golf resorts and the venue for a star-studded wedding between Andrea Corr and Brett Desmond in 2009, has had receivers appointed to it this week.
And Navan Golf Club in County Meath has announced it will close down at the end of the golfing year. The Meath Chronicle states that its owner, Horse Racing Ireland (HRI), has taken the decision ‘as part of a package aimed at saving money’.