European Club For Sale

[Robin_Hiseman]

The number is £29Mln...
See this report just published:

https://read.nxtbook.com/global_golf_post/global_golf_post/20241104/hoppy_col.html?utm_source=social&utm_medium=twitter+&utm_campaign=organic_ggp_social_11_05_24

One of the most unintentionally hilarious things I’ve ever read.

I found the sales advert a few weeks ago and the advertised price then was €35m and still seems to be.

https://www.sothebysrealty.com/eng/sales/detail/180-l-115738-rltz7v/the-european-club-a-premier-residential-golf-links-ardanairy-other-wicklow-wi-a67-hw68

Scott


I presume you'll be making a bid.

[Scott Warren]

I’d rather Casa Serena and Chateau Roztez!

[Niall C]

"A unique feature of The European Club is that it was founded by world recognised golf course architect Pat Ruddy and his wife Bernardine in 1987 and he has worked diligently ever since seeking design perfection presenting a thing of beauty and an entertaining game for all players who choose their tees wisely. It is believed that this is the longest engagement of owner, designer, lover of the links in the history of the game and the result is awesome. More enduring than even the design (not owner) Donald Ross relationship with Pinehurst


The attractive clubhouse includes a managing apartment suite and presents majestical lifestyle overlooking the links, the dunes and extensive views of the Irish Sea with passing shipping. The whole occupies 193-acres (78.3 hectares), including sea frontage of a little short of a mile, and unspoiled pastoral views for miles inland to the Wicklow Mountains."


A product of AI perhaps ?


Niall

[Ben Stephens]

The number is £29Mln...
See this report just published:

https://read.nxtbook.com/global_golf_post/global_golf_post/20241104/hoppy_col.html?utm_source=social&utm_medium=twitter+&utm_campaign=organic_ggp_social_11_05_24

One of the most unintentionally hilarious things I’ve ever read.

I found the sales advert a few weeks ago and the advertised price then was €35m and still seems to be.

https://www.sothebysrealty.com/eng/sales/detail/180-l-115738-rltz7v/the-european-club-a-premier-residential-golf-links-ardanairy-other-wicklow-wi-a67-hw68

Jeez, I wouldn't have used that photo at the top of the sales page.

Looking at that water feature and the aerial photo - it looks like a phallic symbol!

[Tom_Doak]

"A unique feature of The European Club is that it was founded by world recognised golf course architect Pat Ruddy and his wife Bernardine in 1987 and he has worked diligently ever since seeking design perfection presenting a thing of beauty and an entertaining game for all players who choose their tees wisely. It is believed that this is the longest engagement of owner, designer, lover of the links in the history of the game and the result is awesome. More enduring than even the design (not owner) Donald Ross relationship with Pinehurst

The attractive clubhouse includes a managing apartment suite and presents majestical lifestyle overlooking the links, the dunes and extensive views of the Irish Sea with passing shipping. The whole occupies 193-acres (78.3 hectares), including sea frontage of a little short of a mile, and unspoiled pastoral views for miles inland to the Wicklow Mountains."

A product of AI perhaps ?

No, Pat is not an AI.

[Scott Warren]

For context, this seaside estate 10 miles closer to Dublin than TEC is on 176 acres vs TEC's 193 acres and is asking €2.95m vs TEC's €35m.

But let's give TEC credit for the three extra homes it has. Comparable residential offerings in that part of Wicklow sit at around €600k for a home on an acre. Three homes - let's be generous and round it up to €2m.

So for the additional €30m [TEC asking price - (Clonmannon Estate + three more homes)] you get the golf course and 14 additional acres of land.

Another land sale adjacent to TEC is offering 10 acres of land for €150,000, so we can price the 14 extra acres TEC has compared to Clonmannon at €210,000. Let's round it up to €250,000 to be generous and keep the numbers clean.

The valuation of the TEC golf course alone (not including the land it sits on, we've accounted for that above, just the fact that there is a golf course) sits at €29,750,000.

€1,487,500 per hole (there's 20 of them, remember).

Sotheby's International Realty is awaiting your call!

[Ally Mcintosh]

In fairness Scott, the value is in becoming the trophy owner of a links course. Because you won’t be building a new one anywhere else in Ireland.


Someone might bite for close to the asking price.

[Scott Warren]

That’s what my post was seeking to quantify.

“The value of the asset” is a non-hyperbolic way of saying “the price of being the trophy owner of a links golf course”.

I’d suggest that completely irrational buyers are few and far between, unless Andrew Waterman is looking for an anchor site for an Irish LIV event.

[Niall C]

"A unique feature of The European Club is that it was founded by world recognised golf course architect Pat Ruddy and his wife Bernardine in 1987 and he has worked diligently ever since seeking design perfection presenting a thing of beauty and an entertaining game for all players who choose their tees wisely. It is believed that this is the longest engagement of owner, designer, lover of the links in the history of the game and the result is awesome. More enduring than even the design (not owner) Donald Ross relationship with Pinehurst

The attractive clubhouse includes a managing apartment suite and presents majestical lifestyle overlooking the links, the dunes and extensive views of the Irish Sea with passing shipping. The whole occupies 193-acres (78.3 hectares), including sea frontage of a little short of a mile, and unspoiled pastoral views for miles inland to the Wicklow Mountains."

A product of AI perhaps ?

No, Pat is not an AI.

Tom


To clarify, I was referring to the sales blurb rather than Pat Ruddy's designs. Having been a commercial property sales agent in a previous working life I can tell you that it isn't normal for the client to provide the sales blurb so I assume this was "written" by the sales agent but could well be wrong.


Niall

[Robin_Hiseman]

Niall


It would be interesting to read what someone on here who has Chat GPT could generate if they asked it for a sales blurb on The European Club. I suspect you might be right. The language is contorted.

[Scott Warren]

So, Robin, when you ask Chat GPT to prepare a sales script for TEC in the style of Donald Trump, the result is not terribly dissimilar to the copy on the Sotheby’s website…


BEGINS

**"Own a Slice of Golfing Paradise: The European Club"**


Imagine waking up to the sound of the Irish Sea, with breathtaking views stretching across one of the most acclaimed golf courses in the world. The European Club, set on Ireland’s pristine coastline, offers an unmatched opportunity to own a piece of this golfing haven. 


This isn’t just any property. You’ll have access to 20 masterfully designed holes by the renowned Pat Ruddy, with fairways that blend seamlessly into the rugged beauty of the Irish landscape. Every hole is crafted to be both beautiful and challenging, with windswept dunes and well-placed bunkers that demand precision and skill. And from nearly every tee, you’ll enjoy sweeping ocean views that make even the simplest rounds feel extraordinary.


Picture yourself hosting family, friends, or clients at one of the top-ranked courses in the world. Tiger Woods, Rory McIlroy, and the greats have walked these same greens, inspired by the same natural beauty and test of skill that could be yours every day.


And while golf is at the heart of this property, you’ll find so much more. The clubhouse exudes Irish warmth and elegance, a place where you'll experience hospitality that goes above and beyond. Step off the course and into a world of comfort and class, with amenities that make this more than just a club – it’s a lifestyle.


Don’t miss this rare opportunity to own part of The European Club. It’s more than a home; it’s your legacy in the world of golf, set in one of Ireland’s most coveted coastal locations. This is an investment in history, luxury, and unparalleled beauty.
ENDS

[Niall C]

Scott


I note the sales blurb for the Clonmannon property says; “The estate comprises a pleasant and appealing mixture of good grazing land, scenic marsh, coastal meadow and a salt-lake.” In other words it has hee-haw commercial value.


Basically it’s not a good comp for the European which is a going concern business, albeit one that hasn’t been worked that hard. I don’t know what the other property is but at that price it looks like agricultural land, if so you’re then comparing apples to oranges there also.


Niall

[Scott Warren]

Niall,

What you see as the issue is the point — the other estate can’t be significantly developed just as the TEC property couldn’t be developed into a golf course were it a greenfield site today.

The limitations on future use of the other site are a major factor, I’m sure, in the price being less than three million Euros.

That’s what IMO enables the comparison to assess the value of the asset that has already been created at TEC and the attractive operating environment provided by the fact that no one can now build a links course nearby and challenge TEC.

Maybe E29.75m is a fair price for the opportunity TEC provides that a greenfield site can’t. Maybe it’s too much. The market will decide that, I just thought it was an interesting exercise to try to identify what that asset value was, over and above the value of the land it is built on.

People are reading this thread (and sending me salty DMs!) thinking “you just hate Pat Ruddy and never miss a chance to try to shit on him”, and be that as it may, I also have a genuine curiosity in this sale, what it presents and how it plays out.

[Dónal Ó Ceallaigh]

Another two Irish properties sold recently for a combined total of GBP £28-m.

Galgorm Castle hosted the Irish Open in 2020. The Roe Park Resort course appears to be a more basic design.

https://irishgolfer.ie/latest-golf-news/2024/11/12/galgorm-collection-acquires-galgorm-castle-estate-and-roe-park-resort/


Galgorm is a 440-acre estate with a 125 bedroom hotel (including cottages, Lodges, Log Cabins, Huts).