Consolidated-Tomoka Land Co. completed the sale of its golf operations at the LPGA International Golf Club in Daytona Beach, Fla., for total proceeds of about $3.45 million.
The buyer, which is an affiliate of Fore Golf Services Inc., received a first mortgage loan as financing from the real estate company. The loan has a term of one year.
Consolidated-Tomoka has paid its remaining debt of about $540,000 to the City of Daytona Beach in relation to the per-round surcharge it has agreed to pay in connection with its prior buyout of the land, which it previously leased from the City.
As part of the deal, Fore Golf will pay the company about $560,000 in the future based on a surcharge of $1.50 for each round played at the property.