Delaware club sold, leased back to prior owners

No changes are planned in the operation of Delaware National Country Club in Wilmington, Del., which was sold to the Pettinaro Company last month for $9.2 million.

The prior club owners, Ron Holliday and Robert Palumbo, remained owners of the clubhouse and the business and are leasing the course back from Pettinaro for at least five years, with options to renew.

The private, non-equity club will continue its normal operations under the lease agreement. Although the club property is zoned for residential development, Pettinaro has not filed any plans for developing the property, nor indicated whether the company plans to do so in the future.

Add new comment

By submitting this form, you accept the Mollom privacy policy.
If you enjoyed this article and would like to sign up for a FREE digital subscription, click here!