Florida-based developer St. Joe Co. sold two of its golf courses at a loss in December as part of a tax strategy to post 2009 losses against 2007 profits in order to generate a substantial federal income tax refund for 2009.
Billy Casper Golf Management purchased one of the courses, the St. Johns Golf & Country Club in the Jacksonville, Fla., area, on Dec. 17.
The sale of the 18-hole daily fee course includes the course, clubhouse and maintenance facility. A purchase price was not disclosed.
The other course sold by St. Joe was the Victoria Hills Golf Club in the Victoria Park community of DeLand, Fla.
The golf course and remaining unsold homes, developed lots and other acreage in the Victoria Park development were purchased by Florida developer Kolter Land Partners for a reported $11 million. The Victoria Hills course is also currently managed by Billy Casper Golf.
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