Killearn Golf & Country Club Purchase Agreement in Place

Killearn Golf & Country Club Purchase Agreement in Place

Jimmy Graganella, who is heading up a group seeking to purchase the Killearn Golf & Country Club, released the following statement today:

To all Killearn Members and interested parties:  A major milestone has been achieved in the effort to acquire and renovate Killearn Country Club.  Barton Tuck has signed a Purchase Agreement signifying that buyer and seller agree on all terms and conditions pertaining to the sale and purchase of the club.   The closing date has been set for February 15, 2020.

There are several additional milestones that must be achieved prior to closing. 
*       Terms and conditions must be finalized with the United National Bank in Cairo. 
*       The Killearn Homes Association, Mr. Tuck and Killearn Golf Properties, LLC must execute the recently approved amendment to the original Settlement Agreement. 
*       Most importantly, we must successfully complete ongoing efforts to raise approximately $3,000,000.   

This is a critical number as it represents the minimum amount necessary to operate and renovate the club over the next three years.

We expect that $2.5 million will be committed, by agreement, very soon.  The plan is to raise the remaining $500,000 in January from qualified investors among Killearn members and other parties.  If we fail to raise $3 million, it is unlikely that we’ll be able to close on February 15, and Mr. Tuck will retain ownership of Killearn.  With your support, we can avoid this scenario.

Expect further notices very soon about dates, times and locations for 3-4 investor meetings in January.    Attendees will be provided with documents that explain who can invest, the nature of the investment, how funds will be used and risk factors.   It will be necessary to close the investment offering early in February, so time is of the essence.

As of now, the minimum investment is set at $10,000 which may be increased by $1,000 increments.  In order to invest the minimum, some may want to consider forming an LLC with others to pool monies.  Also, the United National Bank of Cairo has committed to making individual loans to anyone desiring to invest.  Additional details will be provided at the meetings and time allotted for Q&A. 

We look forward to meeting with you soon.  Best wishes for a healthy and happy new year!

Thank you,

Jimmy Graganella

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9 Responses to "Killearn Golf & Country Club Purchase Agreement in Place"

  1. Avatar
    Erwin Jackson   December 30, 2019 at 10:31 pm

    $3,000,000. How much did they pay for this property? How much did this property generate in positive cash flow over the past three years? South Wood sold for one million? Hmmmmm!

    Reply
    • Avatar
      Ben Poitevent   December 31, 2019 at 12:25 am

      So, in 45 days a minimum of 50 investors willing to put up $10,000 each, or fewer who are willing to invest more than the minimum, have to step up. It’s time to put up or shut up for Killearn golfers and other “qualified” investors.
      $2,500,000 is, apparently, committed by reliable investors.
      $3,000,000 to operate AND renovate over the next 3 years?
      Our family used to enjoy Sunday brunch, and my daughters wedding reception was there.
      The club is important to Killearn, and to my family. I hope it remains a part of our community.

      Reply
  2. Avatar
    James   December 31, 2019 at 2:23 pm

    We used to go there for dinner several nights a week and went there every New Year’s Eve. I hope they can get this place turned around, I’ll be happy to spend money there!!

    Reply
  3. Avatar
    Snidely Whiplash   January 1, 2020 at 7:38 pm

    I wonder if the course, clubhouse, and hotel/restaurant aspect is revived to the former grandeur will the PGA consider Tallahassee as a stop on the tour again?
    I dont recall Golden Eagle, Southwood, or St. James Bay participation or attempting to lure the PGA back to Tallahassee.

    Reply
  4. Avatar
    News Maven   January 1, 2020 at 10:30 pm

    I wonder if former PGA pro Kenny Knox, over in Monticello, would be interested in this?
    Or maybe former FSU golfer and current pro Brooks Koepka?
    Hey, they could name the clubhouse after one of them.

    Reply
  5. Avatar
    FBI Informant   January 2, 2020 at 8:21 am

    3 Million!! ?..So they are paying 2 million more than Southwood sold for which is a much better course and the infrastructure is 30 years younger then..Sounds like typical Tally Real Estate Deal where the connected insiders will make out as usual..The Investor Pitch Meetings will make Time Share Salesman look legit

    Reply
  6. Avatar
    FBI Informant   January 2, 2020 at 8:21 am

    3 Million!! ?..So they are paying 2 million more than Southwood sold for which is a much better course and the infrastructure is 30 years younger then..Sounds like typical Tally Real Estate Deal where the connected insiders will make out as usual..The Investor Pitch Meetings will make Time Share Salesman look legit

    Reply
  7. Avatar
    Yo   January 3, 2020 at 1:05 am

    SouthWood Sold? When? WOW. I haven’t been back to Killiarn since thing’s weren’t going around right. That was year’s ago. 10. It was a good place and good course. BTW South Wood, back in 2012 was trying to get PGA to do an event there….. didn’t finalize.

    Reply
  8. Avatar
    Simmons   January 10, 2020 at 9:46 pm

    I’ll put up $2 million, you put up $3 million… Mine is secured by land and buildings, yours is a percentage of profits. WOW.. thats a great plan.. for my money..

    Reply

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