Negotiations related to the possible sale of the Killearn Country Club to a local group have stalled, but are not dead.
According to a press release by Killearn Golf Properties, LLC (KGP), “after seven months of negotiations, efforts to acquire Killearn Country Club from Palmetto Club Properties, LP have stalled.”
According to KGP co-founder Jimmy Graganella, “We were very close to having a deal but Palmetto made several last minute financial requests that we just could not accept.”
KGP representatives met with Palmetto’s Barton Tuck last week, intending to finalize a purchase agreement.
“It may take longer than planned, but KGP remains committed to acquiring Killearn. I encourage all Killearn members to remain patient,” said Graganella.
Despite the set back, KGP intends to formalize crucial investment commitments already received from key investors. The company also plans to circulate a private placement memorandum in the near future seeking investments from other qualified investors.
KGP Co-founder Ron Tolliver said, “Our short and long-term plans have not changed. We are moving forward with the expectation a deal will eventually get done.”