Tallahassee Reports has learned that the ‘Special Restrictive Covenant”, associated with the Killearn Country Club, requires the owner of the club to offer to sell the club to the current members if a decision is made to discontinue playing golf on any of the courses.
Tallahassee Reports recently published a story about the proposal by current club owner, Barton Tuck, to close the North nine holes of the 27 hole golf course.
The restrictive covenants were filed on April 30, 1981 with Leon County Clerk of the Court. Section five of the covenant states:
Upon reaching a decision to discontinue golfing play and operations upon said restricted use areas, but prior to the cessation of such activities, the then owners of the real property restricted hereby shall offer to the then active members of Killearn Golf and Country Club, by whatever name at the time, to sell for cash such facilities at the then fair market value…
The language goes on to detail how the fair market value is determined and the time line for specific events.
This information was not presented or discussed at the latest meeting between the current owner and the members which was held last week at the club.
Sources tell Tallahassee Reports the fair market value of the club, based on current revenues, could be between two and three million dollars.