GoToby.com has learned that employees have been told the Cypress Course, formerly known as Cypress Knoll, will be closed tomorrow. Golf Group of Palm Coast purchased the Cypress Course, Pines Course and the closed Matanzas Course from bankrupt Crescent Resources for $2 million. Crescent operated locally as Landmar Group. The three courses were collectively know as the Grand Club.
Landmar had begun to redevelop the Grand Club. Pines and Cypress were each closed for a year to refurbish the courses. Cypress got a new clubhouse and the Pines clubhouse was upgraded. But the real estate bubble burst just about the time they closed Matanzas for its makeover. Work on Matanzas never commenced. Then the bankruptcy.
Since the purchase in November 2011, Golf Group of Palm Coast has been shedding assets. The closed Matanzas Course was sold for $266,750 in October 2014. Golf Group of Palm Coast held a mortgage on the property which they ultimately sold at a discount to Jim Cullis. The note has since been paid in full, but Matanzas remains closed. It’s HIGHLY unlikely that Matanzas will ever return as a golf course.
For the past few years, Golf Group of Palm Coast has continued to operate Cypress but has leased the Pines Course to Firinn Group LLC. The Pines Course remains open. One former Cypress employee told GoToby.com that Firinn Group might reopen Cypress in the near future. GoToby.com has been unable to confirm this rumor.
Both Cypress and Pines courses show outstanding tax liens for $19,576 and $22,613 respectively representing delinquent 2015 property taxes. They are not alone in their tax dilemma. Grand Haven Golf Course, owned by Escalante, has an outstanding tax lien of $78,800 for the 2015 tax year.
–Toby Tobin, GoToby.com
Outsider says
There goes the neighborhood.
Robjr says
They should sell it to the city of Palm Coast. The city is in love with money losing ventures. At least these owners have the good sense to stop throwing good money after bad.
The majority on the town council does not mind throwing away tax payer money on a losing golf course and tennis center venture.
Veteran says
Not surprised. Cypress was the worst course of the 3. Landmar made a huge mistake not renovating Matanzas first. It was the best course in Flagler. Cypress should have been last. Residents of Cypress Knoll watch you home values drop.
Herecomes Bunnell says
Within 1 year those values will drop 50%.
Jim Bob says
Just build more Stalinist housing projects like European Village on the vacant land.
Brian says
Awesome!
Maybe I’ll finally be able to afford the rent if home values drop!
Been renting in cypress knoll for many many years.When i first signed my lease i was paying $800.Now i pay $1000!Same rental home!My property manager says thats still a good deal.Yeah right!I have the smallest house in my area!
Darrell says
Wow
What a shame
I had a bunch of friends play there from Canada and we had a blast
dave says
Finaly,it’s good to see the city moving with the times, will be nice to se these courses be gone for good
PT says
Yeah. Thanks a lot. Just bought here a year and a half ago. There goes my equity!
Tired of it says
Looks like the numerous retirees that came here back in the 80′ and 90’s are dying off and so are the golf courses. The community can’t expect to support 4 golf courses. It doesn’t take a rocket scientist to figure that out.
Edith F. says
I wouldn’t buy anything in The Conservatory either. As a potential buyer, if you ask to see the financials on the golf course before you buy they will tell you that information is confidential. Lots are still pretty cheap there, but watch out.
Doug says
Maybe they will build a 5th McDonald’s or another drug store. Maybe another publix.. that would be 5 as well.
Colie says
Keep it under control but let nature take it back over. Turn it into a system of nature trails.
lenamarshall says
no when ITT was here !
David B says
I remember when they were looking for a prominent golf architect to design and build Cypress Knoll. Many of the golf architects turn the job down because of the topography and drainage. It was never a suitable place for a golf course.
D.Conte says
Should build park for the kid,they need place to hang out ,exercise, socialize, ecx.instead staying home playing video games
Harrison Hodges says
Rumor has it that Donald Trump is going to buy the Cypress Knoll Course and completely redo it including a new clubhouse and amenities. He is doing this in appreciation for the overwhelming support the Florida voters gave him in the 2016 GOP Presidential primary.
Lee Filer says
No they will build abother Dollar Store.
Layla says
Interesting to me that neighbors where this is happening are not soliciting major law firms to take this on for them. Clearly this is more Palm Coast rape by developer. If a management company has leans against the property, they need to be sued.
And we need a new city manager, badly.
Gary Walsh says
That would be great, we can only hope #MakeAmericaGreatAgain🇺🇸
Too bad says
Who would move into a neighborhood if you don’t know what may happen to the golf course? Who could sell their home? Where are the realtors and builders, some of whom have spec houses in Cypress Knoll? More renters and commuters and no retirees living here will turn this place into a ghost town. Want to see the future of Palm Coast? Check out Deltona.
Joe says
Well that’s what happens when you refuse to bring in industry, no jobs and nobody has money to play golf. My equity took a big hit with Matanzas closing! I’m sad for the home owners in Cypress, if things work out I might finally be able to get the hell out of PC.
dave says
The kids could use a skate park in palm coast definitely. I think the fore mentioned park for our youth to hangout would be great! That would also keep the property values up having such a usable feature close by.
footballen says
A city sponsored bmx course would be a perfect use for the land.
Gary Walsh says
No problem with your idea just give us your address and we will see if we can make that happen in your neighborhood
PalmCoastPioneers says
Cypress Knoll Golf Club is encumbered by F.T.C. Docket C-2854.
dave says
Whatever they do it should def be for the kids, and what’s wrong with having a park near your neighborhood? Sounds like it would make a great family neighborhood.
Just A Mom says
The answer to all of Palm Coast’s problem is JOBS When people have money they spend it.
michael says
If you have seen the improvements to the pine course , you would be optimistic that cypress will come back stronger than ever. Chris is always at the pine course taking pride in making t better every day. Cypress has been a dump for years now I hope to play it again after it gets a makeover.
Capt. Marko says
It would be nice to see more jobs in the area other than just service jobs.
Gary Walsh says
What does that mean
Gary Walsh says
Like I said what neighborhood do you live in
Gary Walsh says
What does F.T.C docket mean ?
PalmCoastPioneers says
@Gary Walsh – The largest Award of Consumer REDRESS was Federally Ordered for The Palm Coast Project – coming in at / around $ 30 Million Dollars U.S. The Government of the United States Special Investigative Units ascertained that we early purchasers were wronged consenquently a Federal ‘ Consent Agreement ‘ was ORDERED by the Federal Trade Commission of the United States. F.T.C. C-2854 is the Number / Name of the ‘ Consent Agreement ‘. If you go to the Federal Trade Commissions’ Website you can download the Documents and read the files; which are gargantuan in size. There were many ORDERED this..and ORDERED that…essentially some small components were It is Federally ORDERED ‘..significant areas of conservation…’ and ‘ significant areas of preservation..’ and ‘..significant areas of Recreation….’. I.T.T. ‘s Recreation Division was called SunSport Recreation, hence, the areas therein were the ORDERED Recreational areas. Many other clauses / orders…one also being all present / future buyers of developed or raw acreage were ORDERED to be informed of this., hence encumberances on all this *stuff*. Also, Federally ORDERED by the Unites States Govt. was a ‘ 15 Year Compliance Report ‘…this ‘ Compliance Report was put in place to ENSURE that I.T.T. complied with the terms / conditions / spirit of this Federal ‘ Consent Agreement. ‘
For me / us….the Historic Four Sisters Golf Clubs were initially pledged Amenities by LEVITT & I.T.T. for ‘ The Palm Coast Project ‘…also being part of the ‘ Consumer REDRESS ‘ Federally ORDERED. The Historic ‘Four Sisters’ Golf Clubs are: Palm Coast Golf Club – later known as Palm Coast Golf Club, the Matanzas Woods Golf Club, the Cypress Knoll Golf Club, and the Pine Lakes Golf Club.
You may also want to do a F.O.I.A. ( Freedom of Information Act ) request at the H.U.D. Offices, asking for the I.L.S. documents ( Interstate Land Sales ) , therein it describes in this I.L.S. this Federal ‘ Consent Agreement ‘.
Should the ‘ Cypress Knoll Homeowners Association ‘ ( you get info. on that from the ABOVE ) choose to put in an Application for Historic Status / Marker I have much of the documents required for this which I will happily share with you all if you go this route.
I hope I’ve explained this well…it is just that the Documents are MASSIVE, all ORDERED to be within the Local Official Records, the Official Records at the State, and the Federal OFFICIAL Records.
Country rock Dog says
If the money hungry Commissioners & the cash strapped developers wised up & considered building out a light industrial land deal to prospective Fortune 1000 manufacturers, fabricators & warehousers at the Matanzas site with a FEC rail access spur for regional delivery & even a light truck distribution site for local deliveries maybe Flagler would eventually lean a little to a lot more toward self sufficiency. Maybe even widen Kings Road from there to the airport & work out a deal with a local Air Cargo carrier to build a drop point with hanger facilities at the airport to bring some air cargo business into town. Well we could dream can’t we?
J.Hendrix says
Cash strapped developers? I believe it takes a development order to build out 280 acres…Has nothing to do with new owners. The grounds look better than they ever have and I met the architect and general contractor that are doing repairs to the buildings that have been boarded up for 7 , 8 years….Seems like there is a multifaceted development on the horizon that will reach out to many demographics and wishes.