A $12.5-million deal has been agreed to buy the troubled North Shore Country Club in Sea Cliff from its members, retaining the golf course and adding revenue-making ventures, such as a "world-class spa."
A five-year deal with $15,000 annual dues beat out competing bids because Zucker promised not to charge assessment fees over and above membership dues and set a lower rate than the usual $24,000 and the discounted $16,000 during last month's membership drive.
Former member of the Old Westbury Golf Club who first took lessons there 20 years ago, the Old Westbury resident has dreamed of owning his own course. A 140-acre course designed by A.W., one of Zucker's favorite golf course designers, came about in 1916. In addition to building the Black Course of Bethpage State Park, which hosted the U.S. Open this year, Tillinghast also cultivated the Rose Course at Pebble Beach.
Zucker, 78, said he was pleased with the result after buying North Shore Country Club. "I just want access to a golf course whenever I want."
Along with establishing the spa, he plans to build an exercise facility, renovate the existing rooms and cottages, and hire a marketing director for the club to "solicit the world" for weddings, dinners, and other events that it can host and cater.
In the wake of huge spending and Wall Street messes, New York country clubs have been seeing declining membership numbers and revenue. In some cases, clubs charge their members up to $2.5 million extra annually over the cost of membership.
As of last year's fiscal year, the North Shore Country Club had 145 members compared to its 185-member count last year. The club has generated more than $5 million in dues and events revenue every year, but expenses are more than double that amount, which was $6 million in 2007, according to the latest available tax filings.
Benoit Ghesquiere, who was hired earlier this year by the previous board and who is expected to stay, said the club has been spending "conservatively" to avoid "surprises" down the road. He noted that dining service went from four nights a week to one during the golf season, and that after the season ended, services would be shut for about two months rather than two weeks.
Despite the fact that the club is facing economic difficulties, Ghesquiere says he is hopeful the club will survive as a destination for city dwellers who may not necessarily want to trek to the Hamptons.
Zucker will form a committee to advise him on changes. "We are just like over the moon," Ghesquiere said of the staff and members' excitement about a golf-obsessed owner.
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