Desert Mountain Golf Club bought by members for $73.5 mil

Members of the exclusive Desert Mountain Golf Club in north Scottsdale have completed a deal with owner Crescent Real Estate Holdings to purchase the club's six golf courses, all related facilities and about 500 acres of developable land for $73.5 million. The deal expands on an agreement in the Desert Mountain membership contract that would have required members to buy the club's six golf courses and clubhouse facilities on March 1. Member representatives described the expanded deal as an insurance policy against future changes to the club and its surrounding community of multimillion-dollar homes. Of particular concern, they said, was the large swath of adjacent land, which Crescent ultimately could have sold or developed for any number of residential or commercial projects. Dave Kaplan, who lives in the Desert Mountain community and has been a member of the club since 1997, said he was not surprised that 99 percent of the members who voted on the purchase deal favored it. Of the roughly 2,300 members, 90 percent cast votes, the club's managers say. "I strongly supported Desert Mountain's global asset purchase, which accelerated the turnover process and ensured the future of our community," Kaplan said.

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