West Bay Club community and golf course purchased by members, developer

BUYER: West Bay Hill LLC (principals: Gary Chensoff and Christopher Johnson), Naples
SELLER: West Bay Club Development Corp.
PROPERTY: various tracts West Bay Club, best known as 4500, 4600 and 4606 W. Bay Blvd., Estero
PRICE: $6 million
PREVIOUS PRICE: $9.41 million, August 1997

BUYER: The West Bay Golf Club Inc. (principals: Douglas Lambert, Linda Klang, Robert Hershan, Jeffry Ciongoli, Jeffrey Fitts and Norman Radow), Estero
SELLER: West Bay Club Development Corp.
PROPERTY: various tracts, West Bay Club
PRICE: $2 million
PREVIOUS PRICE: $9.41 million, August 1997
LAW FIRM ON DEED: Wells Gotshal & Manges LLP, Miami

PLANS, DESCRIPTION: Members of the West Bay Golf Club and homeowners of the West Bay Property Owners Association have purchased the West Bay Club community and the championship Pete & P.B. Dye Golf Course for $2 million.

The golf course and remaining memberships were purchased from the Lehman Brothers Holdings Inc. controlled West Bay Club Development Corp.

At the same time, Chicago-based real estate investment firm Indian Hill Partners, which managed the community for an investment partner from 2003 to 2007, purchased the remaining real estate community assets for $6 million.

Indian Hill Partners plans to create 26 to 30 Westlake Court single-family villas later this year. The villas are reportedly now in the design process. A second developable parcel to the south of the Jasmine Bay condominiums is planned for a future high-rise condominium.

“Now that we have finalized the closing, we can move forward with completing the residential components of the community,” Gary Chensoff, president of Indian Hill Partners, says in a press release. “We have always been proud of the success we helped to create at West Bay, and we look forward to working with the HOA and members to finalize the sellout of what little remaining real estate is available.”

The community features the Pete and P.B. Dye Golf Course next to a 500-acre nature preserve, the private 85-seat West Bay Beach House, an eight-court tennis center, clubhouse, and a community boat ramp with access to the Estero River. West Bay currently has 675 residences.