Deal for last 2 GTA courses reached

Golf Trust of America, a former real estate investment trust that once owned 47 golf courses in 17 states, has reached an agreement to sell the final two properties in its portfolio.

Under terms of the deal, expected to be finalized in late January, WildeWood Farms Country Club and The Country Club at Woodcreek Farms, will be purchased by the members for a reported $4.1 million. The two courses are located in Elgin, S.C.

GTA in July 2007 sold its largest property, the Innisbrook Resort in Palm Harbor, Fla., to Salamander Hospitality for an estimated $35 million.

The company has been selling off its assets since 2001, when shareholders voted to liquidate its holdings. In November 2007, however, shareholders decided instead to pursue a merger or other business combination with another company.

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