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CAPE MAY COURT HOUSE, NJ-Crown Golf put five of its golf courses in New Jersey and Florida on the market last year, and one of them, Stone Harbor Golf Club here, is now in the hands of two Philadelphia businessmen. Rich Masterson and Lee Fishman are now in possession of the property, buying it from the Glenview, IL-based Crown Golf for an undisclosed price.

The acquisition consists of the 350-acre, 18-hole golf course, which opened in 1988, and the 16,000-sf clubhouse, which was completed in 1994. The property is located just off the southern end of the Garden State Parkway, near the beachfront communities of Avalon and Stone Harbor and south of Atlantic City.

“Lee and I both believe that Stone Harbor Golf Club is a jewel, and we think it has enormous, untapped potential,” says Masterson, who’s active in technology, real estate, hospitality and private equity. As an Internet entrepreneur, he was the founder of US Interactive Inc., and now heads Masterson Development, a company with projects from Canada to Costa Rica.

Fishman, meanwhile, is an architectural engineer with interests in the printing/graphics business and real estate, including residential and condo projects and equity investments. He has, in the past, partnered with Masterson on real estate development projects in Costa Rica. But initially, at least the new owners are looking to expand the club’s offerings.

“While the golf and dining are great by any measure, we think there are greater opportunities to meet the needs of families,” Fishman says. “Rich [Masterson] and I are looking forward to broadening the offerings of the club as well as investing in its future.”

Since it opened, Stone Harbor Golf Club’s course has consistently ranked among the top 10 private golf clubs in New Jersey. Over the years it has played host to a number of amateur events sponsored by both the Philadelphia and New Jersey Golf Associations.

For Crown Golf, the shedding of the five golf courses in New Jersey and Florida takes the company out of the golf course business on the East Coast. The company retains a portfolio of 10 golf clubs in Arizona, California, Colorado, Illinois and Wisconsin.

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