Tallahassee Reports has realized that in a gathering on Thursday evening the present homeowners of the Killearn Country Club have given the go-ahead to promote the membership to Atlanta Ventures, a enterprise that invests in start-up corporations.
David Cummings, who’s the founder and accomplice of Atlanta Ventures, is described as an Atlanta-based tech entrepreneur who has based 10 corporations collectively valued at practically $1 billion.
Cummings was named the Ernst & Younger Entrepreneur of the Yr winner and one of many 100 Most Influential Atlantans by the Atlanta Enterprise Chronicle.
Cummings has important ties to Tallahassee. He’s a graduate of Lincoln Excessive College and his mother and father operated an orthodontics apply for a few years in Tallahassee.
Tallahassee Reports has reached out to Mr. Cummings for a remark.
The present homeowners, Killearn Golf Properties, assumed operational and monetary management of the membership on February 1, 2020 from the earlier proprietor, Barton Tuck.
Whereas the proprietor, Tuck closed the North course and deliberate to elevate cash to enhance the membership home and golf course by growing the land round holes 7, eight and 9.
The plan by no means materialized.
The present possession group was headed up by native businessman Jimmy Graganella. The possession included particular person traders who contributed roughly $1 million to revitalize the membership.
The group stabilized the operations of the membership and added three clay tennis courts. Nevertheless, there have been constant rumors in regards to the potential sale of the golf course.
Based mostly on individuals who attended the Thursday assembly, Atlanta Ventures pledged to place $eight million in an escrow account devoted to enhancing the membership and can refund the monies invested by people.
Additionally, the plan to place a residential growth on a part of the North course seems to be on maintain. There was a dialogue indicating the North course might be re-purposed to serve golf members indirectly.
Earlier than the sale can proceed, the Killearn Owners Affiliation should handle an settlement that was put in place underneath earlier membership homeowners.
Tallahassee Reports was instructed that the hope is to shut the sale in March, 2022.
