Tallahassee Reports has learned that in a meeting on Thursday night the current owners of the Killearn Country Club have given the go-ahead to sell the club to Atlanta Ventures, a business that invests in start-up companies.
David Cummings, who is the founder and partner of Atlanta Ventures, is described as an Atlanta-based tech entrepreneur who has founded 10 companies collectively valued at nearly $1 billion.
Cummings was named the Ernst & Young Entrepreneur of the Year winner and one of the 100 Most Influential Atlantans by the Atlanta Business Chronicle.
Cummings has significant ties to Tallahassee. He is a graduate of Lincoln High School and his parents operated an orthodontics practice for many years in Tallahassee.
Tallahassee Reports has reached out to Mr. Cummings for a comment.
The current owners, Killearn Golf Properties, assumed operational and financial control of the club on February 1, 2020 from the previous owner, Barton Tuck.
While the owner, Tuck closed the North course and planned to raise money to improve the club house and golf course by developing the land around holes 7, 8 and 9.
The plan never materialized.
The current ownership group was headed up by local businessman Jimmy Graganella. The ownership included individual investors who contributed approximately $1 million to revitalize the club.
The group stabilized the operations of the club and added three clay tennis courts. However, there were consistent rumors about the possible sale of the golf course.
Based on people who attended the Thursday meeting, Atlanta Ventures pledged to place $8 million in an escrow account dedicated to improving the club and will refund the monies invested by individuals.
Also, the plan to place a residential development on part of the North course appears to be on hold. There was a discussion indicating the North course could be re-purposed to serve golf members in some way.
Before the sale can proceed, the Killearn Homeowners Association must address an agreement that was put in place under previous club owners.
Tallahassee Reports was told that the hope is to close the sale in March, 2022.
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That’s great news. I hope it all goes smoothly and Killearn is
Brought back to be one of the areas best courses. It’s a great layout. And heck yes, reopen the North Course.
It would be nice if the old owners or the new owner would tell all of the members what is going on and what the plans for the future are.
I wonder what the math would look like if the homeowners association agreed with Mr. Graganalla and a bank to purchase it all and repay the bank loan + hire a management firm to operate the facilities from the revenue generated by the operations of the club?
The bank pays Graganella the full price and the operations of the club pay off the bank loan. In 20 or 30 years the club is owned outright and the homeowners can all get an annual check [or assessment] for any money made – expenses from the operations of the club. Gragenalla don’t care where the money comes from.
Why don’t all people in the area own the course?
It would be nice if they could bring some kind of tournament action back to town
@David — There are a lot of properties on those 9 holes that will take a serious hit in value if the course were to become a residential development. No different than filling in Lake Jackson and telling homeowners on the property that “the view out your back door is going to change”.
It’s not what the property owners paid for. It ain’t right….
Please remove Andrew Gillum off of your Tags on this post. He is no longer mayor, or a player.
I can’t believe all the Hoop-La over a 9 Hole Golf Course.