Marketwire is reporting on the announcement that the members of Quail West approved the transfer of more than $20 million in club assests to the member-run Quail West Foundation.
The turnover of foundation control and asset transfer to the members was completed without any payment or cost to members. As part of the turnover agreement, Quail West Development Company will also provide substantial ongoing financial support to the foundation as they develop Quail West in the future.
“The fact that members are taking over the club creates stability for the club and existing and future property owners,” said Dennis W. Hillier, a partner at Greenberg Traurig. “The long term success of the club has been ensured by its members.” Dennis Hillier specializes in corporate and real estate law with emphasis on the design of club membership programs.
Quail West amenities included in the transfer are two 18-hole Arthur Hills signature golf courses, a 70,000-square-foot clubhouse featuring casual and fine dining facilities, ballroom, wine grotto, full-service spa and beauty salon, pro shops, fitness center, card room, eight lighted red-clay tennis courts and a junior Olympic-sized solarium pool. The clubhouse recently underwent a $15 million renovation along with the addition of a new state-of-the-art golf maintenance facility.
The community is particularly appealing to today’s buyers because all of the community’s amenities, including the clubhouse, two golf courses, spa and tennis facility, are owned debt free. Homesites, ranging from one-half to over one-acre, begin in the $300,000s
If you would like more information on the properties available in Quail West, contact Ruth Bethem, Broker-Associate with Downing-Frye Realty, Inc. in Naples. She may be reached toll-free at 877-777-7545 or email her directly at ruth@ruthbethem.com .
