The Fall of 'New Money' Country Clubs
Filed under: Wealth
It has certainly happened before and as much as it stinks to draw another comparison to the Great Depression it seems country clubs made of 'new money' may follow the same path as one-third of the clubs did back then. Across the U.S. clubs are shutting their gates and greens one after another from the Gold Creek Golf Club in Dawsonville, Georgia to Golf Club of California in San Diego. Even Sea Island in coastal Georgia, which once ranked near the top in golf courses of the nation, recently laid off 400 employees.
As quickly as individuals came into fresh cash it disappeared on Wall Street and the like. $85,000 entrance fees once meant to keep the unworthy out have been reduced to free! I guess the 'old' clubs will continue to hang on -- that's how they earned the term 'old'.
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