Tallahassee Reports has learned that Killearn Golf Properties, LLC will assume full legal, operational and financial control of Killearn Country Club on February 1.
The group, which was registered with the state of Florida in August 2019 and is headed up by local businessman Jimmy Graganella, has been in purchase negotiations with Barton Tuck, the current owner of the club, for a number of months.
Graganella, who grew up in Tallahassee and graduated from FSU, owns several Tallahassee based insurance companies that employees approximately 300 people. He is also the owner of Mom & Dad’s Italian Restaurant and a part owner of the Blue Halo. Both restaurants are located in Bannerman Crossings and employee about 100 people.
In December, Graganell told TR that the group needed to raise a minimum of $3,000,000 to operate and renovate the club over the next three years.
TR has been told that $2.5 million has been committed and the plan is to raise the remaining $500,000 from qualified investors among Killearn members and other parties.
The management and operation agreement will allow Killearn Golf Properties to preform operational and financial due diligence while raising the additional capital required to purchase the club.
Ron Tolliver, a representative of the group, told TR that over the next 60 days the plan is to raise approximately $500,000 and then execute the purchase agreement that has been signed by Tuck.
In addition, in the coming weeks, the group will provide an update to the various types of memberships that will be available. Tolliver stated that the menu of memberships will appeal to current club members and to younger families.
After the purchase, the group plans on moving quickly to redevelop the club which will include a new clubhouse and improvements to the pool area and the tennis courts.