Grey Oaks Country Club, Naples, Fla., announced that its Members, by a vote of 98% to 2%, approved a Turnover Agreement with the Club’s Developer, the Halstatt Partnership.  The Agreement provides a transition period of several years during which Members and the Developer will share governance and certain financial responsibilities.  Members did not incur a reduction in equity, were not required to pay an assessment or make purchase payments in connection with the turnover and the Club is free of debt.
 
“We are pleased and proud of the manner in which we were able to accomplish this successful transfer of the Club to the members,” said Judy Sproul.  “The Turnover Agreement is of great benefit to all the members and to the developers.  We couldn't be more pleased with the end result," she added.
“We believe this turnover arrangement is unique in the annals of club turnovers” stated Jerry Myers, Chairman of the Club’s Board of Directors.  “We are fortunate to have a Developer dedicated to the long-term success of the Club and we’re proud of the continuity of staff and operations that were maintained throughout the negotiating process” he added.

Grey Oaks Country Club is situated in Grey Oaks, one of Naples’ most prestigious communities located just minutes from Naples’ downtown district and Gulf Coast beaches.  The Club offers 54 holes of golf on three distinctly different courses, 5,500 square feet of fitness facilities, a tennis club with 8 lighted Har-Tru courts and pro shop, a heated free-style pool and formal and casual dining at two clubhouse facilities totaling 84,000 square feet.
The Club currently has 850 equity Members, 30% of whom are non-residents.  Resident and non-resident golf and sports memberships are offered and a limited number of memberships in each category are still available.

Grey Oaks Country Club has been named one of the top 35 residential country club communities in the United States and recognized as one of America’s top 100 golf communities by Travel & Leisure Golf.  The ratings are based on the quality of the membership, tradition, heritage, amenities, governance and professionalism of management and staff.  Members and guests enjoy an inviting blend of elegance, congeniality and service one would expect in a community of Grey Oaks’ stature.
 
Grey Oaks is particularly noted for the unforgettable, award-winning golf experiences it provides.  The Club’s Bob Cupp designed Estuary Course was named the 2005 Florida Golf Course of the Year by the National Golf Course Owners Association.  Designed by Clifton, Ezell & Clifton, Gray Oaks’ beautiful Pine Course offers the opportunity to experience one of the “Top 5 Toughest Private Golf Courses in Florida,” an accolade bestowed by Florida Trend Magazine.  A tiered rock waterfall, island greens, meandering lagoons and white sand beaches give the 6,864-yard Palm Course a dramatic tropical look.  Designed by Clifton, Ezell & Clifton, the Palm Course fairways are planted with over 3,500 coconut palms that sway gently against warm Florida breezes.