The Kingswood Golf Course has been sold to unlisted Melbourne property fund manager ISPT for $125 million, Fairfax Media can reveal.
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The club, which controversially merged with the Peninsula Country Golf Club late last year, announced the sale on September 5 but at the time officials refused to reveal details of the purchaser or the final price.
Officials at the merged Peninsula Kingswood Country Golf Club and the super fund-backed developer still face legal challenges over the deal which has caused considerable anger among some golfers.
Long-term club member William Falkingham has launched an appeal after his Supreme Court action to unwind the merger was dismissed earlier this month.
Late last week Mr Falkingham's legal team, Lyttletons Lawyers, also unsuccessfully attempted to injunct the club to stop it spending the proceeds of the sale.
Mr Falkingham's appeal is expected to be heard next month or in November.
ISPT's other residential developments include a 47.8-hectare site in Browns Road, Cranbourne South, 36.7 hectares in Alfred Road, Werribee and the redevelopment of Pakenham Racecourse, which it recently purchased for more than $30 million.