Four Seasons Golf Club

Exeter, Pa.
Buyers: Amita Patel and Ragesh Patel
Seller: IBG Partners LLC
Price: $850,000

The buyers will receive an 87-acre, two-parcel property that includes the 18-hole golf course. Seller IBG Partners LLC, a Washington, D.C.-based real estate investment firm, initially put the property up for sale in 2006 at an asking price of $1.95 million. At the time, the property was being marketed as a potential site for development of up to 100 single-family home or 250 townhouses. The property's value took a significant hit after local authorities placed a moratorium on new construction due to flooding risk in the region. IBG originally paid $3.4 million when it purchased the property in 2005 from now-defunct Gotham Golf Partners. Four Seasons Golf Club general manager Tadd Morris has said the new ownership group plans to keep the course in tact.

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