Alabama course sells for $3 million

Two current staff members have purchased Magnolia Meadows Golf Club in Columbiana, Ala., for a reported $3 million. 
The new ownership group, Double Eagle Development LLC, is made up of course superintendent Wade Nielson and clubhouse manager Fred Payne.
The two bought the course from local lender M&F Bank after it had been repossessed twice following the death of founder Jeff Falkner in early 2007.
Comparable courses in the area have been selling with cap rates in the neighborhood of 5 percent.
Wayne Rasco, course general manager for the past six years and the man who encouraged the pair to purchase the course and bring it back to stability, will remain on board.
Magnolia Meadows features an 18-hole, par-68 layout as well as a driving range. The Rick Rounsavall-designed course opened in 2001. Greens fees reach as high as $25 on weekends.   

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