How Much Does it Cost to Buy a Golf Course?

Perhaps your passion for golf has reached the point where you want to own a golf course. Or maybe the question popped up in the middle of your weekly friendly golf match and now you just need to know how much it costs to buy a golf course. 

The price of a golf course ranges from about $2 million up to The Trump Golf Link’s $269 million. While you may be tempted to calculate it by looking at profit margins according to the cost per round, several factors affect how much a golf course costs.  

How Much Do Golf Courses Cost?

From high-end luxury to a small-town seaside paradise, here are some of the most popular courses in the United States and their price tag. 

PGA National Resort and Spa – $218 Million with $100 Million Renovations

Located in Palm Beach Gardens, Florida, the golf resort hosts the Honda Classic for the Professional Golf Association (PGA) each February. In 2018, a Canadian asset management firm bought the resort and its five courses for $218 million. 

In 2022, $100 million worth of renovations transitioned the golf course from a corporate resort for near pro-golfers to a relaxing golfing hideout that welcomes young families and groups alike. 

All this is thanks to the new family-friendly course designed by Andy Staples, along with a remake of the old Squire course into The Match, a course that breaks the mold for a challenging yet exciting game with quirky obstacles and run-off slopes. 

The renovation elevated the resort’s luxury to new levels with the option to arrive at the course in a luxury jet, a refreshed spa, a new barbershop and refreshed rooms and villa interiors. It also has six new culinary experiences, including Top Chef winner Jeremy Ford’s high-end cuisine experience at The Butcher’s Club.  That’s not all, the golf course is also now home to 250,000 honeybees to achieve sustainability. 

Gold Canyon Golf Resort – $30 Million

The Gold Canyon Golf Resort is about 45 minutes east of Phoenix.  In 2020, a buyer from Montana purchased the resort and its two 18-hole courses for about $30 million. 

The Gold Canyon’s selling point is its location in the Superstition Mountains, where players can explore the desert golf course. It also offers additional amenities like biking, hiking and spa services. The hotel rooms, with various amenities like private spas, private fireplaces and patios offer a view of the mountains and a close-up of wildlife. 

The Links at Brick Landing – $1.2 Million 

You can find the Links at Brick Landing in Ocean Isle Beach, North Carolina, near the state’s border with South Carolina. An ownership group purchased the property for about $1.2 million in 2020.

When the Brick Landing Plantation Golf Club was purchased, the previous owners had closed the golf course. The new owners reopened the course and renamed it shortly after purchasing. The course was recently refreshed with Sunday ultra dwarf Bermuda greens for a better putting surface and features a challenging 18-hole course with gorgeous views of the Intracoastal Waterway. 

What Factors Affect the Cost?

You’ll likely need at least seven figures to buy a golf course, whether you put up the money alone or with an ownership group. The purchase prices for the above golf courses range from hundreds of millions to Yin Ruoning’s $2.9 million winnings in the Women’s PGA Championship.  This wide range exists because several factors affect the cost. 

Location

The price tag is higher if there’s more real estate or if the course is in a coastal state like California, Florida, the Carolinas and others. Both tourists and residents like to be near the beach, which drives demand and prices in local real estate — so these courses are bound to be more expensive.

The PGA

Although LIV Golf has been giving the PGA a run for its money with prize money reaching $4 million, the PGA is the most popular professional golf league in the United States. There are 45 PGA events throughout the year, with the four major tournaments garnering the most prestige.   If the PGA Championship, The US Open, The Masters, or The Open Championship plays at your resort, that means more name recognition and a rise in property value.

The Resort

When you go to a golf course, it’s more than just fairways and birdies. It’s also an opportunity to enjoy a relaxing vacation in the lap of luxury. Providing a nice place to stay makes the course appealing to golfers, significant others and their children. For example, the PGA National Resort and Spa has over 300 hotel rooms and a 40,000-square-foot spa on the property.

Owner Intentions

The owner’s intentions are critical for the value of the golf course itself. Do you want to make it public or private? How much does it cost to play at the resort and is there any competition in the area? Do you genuinely love the game of golf or do you see a business opportunity? These questions factor into the price of a property and its long-term value.

Are Golf Courses Like Typical Real Estate?

Somewhat, because golf courses are property — they can go up and down in value. However, there are several differences from traditional real estate to consider.

 For one, golf tends to be an oversaturated market. You could end up like Mike Keiser with Bandon Dune success or resort to reselling the course if things don’t work out. Although that sounds bleak, one thing is certain; people will always play golf. Golf is among the most popular sports in the United States and worldwide. In America, about 25 million people play the sport and it continues to grow into a family sport. 

Additionally, the golf market has increased 20% from 2016 to $101.7 million, with the participant base becoming more diverse. More young people, women and people of color have started to play the game, which presents an opportunity to cater to a bigger market. 

The second difference is that golf courses often have low replacement value which refers to the money needed to rebuild the course. This can lead to lower property values when an owner tries to sell their course.

Lastly, golf is really just a business opportunity attached to an empty piece of land when it has no other uses. Case in point The Shell Bay Club in Hallandale Beach, constructed over 7,254 yards with an exquisite course and lavish residences that cost up to $11 million.  

In most cases, someone selling a golf course will have property attached. However, if your goal is to redevelop open land into a golf course, accommodation and amenities like spas and restaurants amp up the value since people like golfing getaways and a place to relax.    

Want to Buy a Golf Course? 

Anybody can buy a golf course, whether you recently started playing golf or just wrapped up a major tournament win. Just make sure you have enough money in the bank or can form an ownership group to make a purchase. The cheapest golf courses in the United States sell in the low seven figures, while others can climb to a price tag of over $200 million.

Are you a fan of golf? Learn more about how the PGA tour works and how much golfers make right here on Modded.

Originally posted 9/22/2022 – Updated 12/28/2023