Escalante Golf buys Spanish Wells course

BUYER: Escalante - Spanish Wells LP (principals: David McDonald, Robert Silva, Michael McDonald, Elcio Silva and Howard Baker), Bonita Springs

SELLER: Spanish Wells Golf and Country Club Inc.

PROPERTY: Spanish Wells Golf Course, 9836 Treasure Cay Lane and surrounding property, Bonita Springs

PRICE: $4.55 million

LAW FIRM ON DEED: Taylor Advisors PC, Dallas

PLANS, DESCRIPTION: Colorado Springs, Colo.-based Escalante Golf Inc. purchased the Spanish Wells Golf Course and surrounding community amenities for $4.55 million.

The property included a 27-hole golf course, a 32,000-square-foot clubhouse building, freestanding fitness center, swimming pool and tennis and bocce courts.

The company bought the property to aid its Tarpon Cove Yacht & Racquet Club in Naples, according to David Matheson, vice president of marketing for Escalante Golf.

“We felt there were great synergies between the two properties,” he says. “Tarpon Cove has a yacht club, but it doesn't have a golf course. Spanish Wells doesn't have a marina or beach access. So this gives members of both clubs something, which they didn't have before.”

The company is also bullish on the future of Southwest Florida, Matheson says.

The purchase entity Escalante - Spanish Wells LP mortgaged the property to Wells Fargo Bank NA for $4.55 million.

Escalante Golf owns or manages 11 club properties.

In Florida, it owns Tarpon Cove, Black Diamond Ranch in Lecanto and Spanish Wells and manages Kings Gate Golf Club in Port Charlotte and Waterlefe Golf Club in Bradenton.