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WEST PALM BEACH, FL-Golf Trust of America Inc. has sold the Emerald Dunes Golf Club for $16.9 million to an affiliate of the existing lessee. The Charleston, SC-based real estate investment trust sold the 18-hole golf course to Emerald Dunes Golf Group as part of an ongoing liquidation plan.

Earlier this year, shareholders in Golf Trust approved the divesture of all 44 of the golf courses it owned as of Dec. 31, including 14 in Florida. The company now reports an ownership interest in 25, 18-hole equivalent courses.

Over the past several years, Emerald Dunes has accrued several national recognitions including Golf Magazine’s “Top 100 You Can Play” in 2000, Golfer magazine’s “Best of America” in 1996 and 1997 and Golf Digest magazine’s “Top 100 Public Courses in America” in 1999.

Although the Golf Trust announcement didn’t identify the affiliate, shareholder reports filed with the Securities and Exchange Commission show that Larry D. Young, a former board member who operates a string of golf courses under a group known as Legends, and an unnamed affiliate acquired the Emerald Dunes lease in 1999 from Granite Golf Group.

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