A momentous day for Members of the Bonita Bay Club as they moved another step closer to buying the Club when the Bonita Bay Club Turnover Committee and Bonita Bay Group reached an agreement in principle for the sale of the Club valued at $12 million.

The accord includes contributions of $11.5 million from the members of the new Club and is dependent on approval by the lender, signing a formal agreement and approval by the club membership.

According to Cynthia White of the Bonita Bay Club Turnover Committee, “We are very delighted to have reached an agreement that is fair and in best interests of the members. We expect to contact all Bonita Bay Club members in the next several weeks to build on the momentum of the agreement and to gain approval of the membership.”

90 holes of championship golf are covered by the arrangement as are three Arthur Hills designed courses in the community. The deal includes the two nearby Tom Fazio golf-only courses. Other assets that are part of the purchase are two clubhouses, three practice facilities, the fitness center and the 18-court tennis and swim center.

Bonita Bay is the Group’s premier property and is the third community to achieve a settlement on club transition.

“Since the dramatic market descent of a year ago, our members have experienced some really difficult times with us and to achieve this important milestone in our restructuring plan is very gratifying”, said Brian Lucas, vice chairman of Bonita Bay Group.

On Golf Connoisseur’s 2007 list of the top 40 golf communities in America and a recipient of the nationally recognized Urban Land Institute Award for Excellence, the 2,400-acre Bonita Bay community was also included among Travel + Leisure Golf’s top 100 golf communities in America every year since 2006 and also in Links Magazine’s 2006-2009 lists of America’s Premier Properties.