Alabama course sold for $3 million

Magnolia Meadows, an 18-hole course in Columbiana, Ala., was purchased recently by Double Eagle Development LLC for a reported $3 million.

The seller was M&F Bank, which had repossesed the property following the death of founder Jeff Falkner in 2007.

The new ownership group is made up of course superintendent Wade Nielson and clubhouse manager Fred Payne.

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. Covering 50 acres of land, the Rick Rounsavall-designed course opened in 2001.

Greens fees reach as high as $25 on weekends.

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