Bonita Springs' Spanish Wells Golf and Country Club in foreclosure
Spanish Wells, a private golf and country club in Bonita Springs, is in foreclosure, according to a notice filed Wednesday.
Wells Fargo Bank financed the $4.55 million purchase of Spanish Wells Golf and Country Club in 2011 for Escalante Golf. The Colorado-based company owns 15 similar properties, including Tarpon Cove Yacht & Racquet Club in Naples.
Escalante had marketed the Spanish Wells’ golf amenity with the waterfront amenities of Tarpon Cove.
"We are going through a slight transition here," Spanish Wells staff responded to a News-Press phone call.
David Matheson, marketing VP for Escalante Golf, confirmed his company no longer owns the golf club since the bank assumed control of the property a week ago.
Located at 9836 Treasure Cay Lane, Spanish Wells Golf and Country Club includes a 32,000-square-foot clubhouse, freestanding fitness center, swimming pool and tennis and bocce courts, as well as the 27-hole green.
"The foreclosure of Spanish Wells is a bit of a surprise considering the location of the course and demographics of the surrounding area," commercial real estate consultant Paige Rausch said. "Golf courses have high fixed costs. Even with the right location, maintaining and growing membership is critical to compete as the game and the business evolve."
According to Matheson, the club is being managed by Jon Whittemore of Dallas-based Advance Golf. Advance owns or is invested in 11 courses, including Serenoa and Rolling Green golf clubs in Sarasota.
Principals of Wells Fargo and Advance were unavailable for comment Wednesday.
Follow this reporter on Twitter @PatriciaBorns.
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