MEMBERS of Rossdale Golf Club had their hopes of a new home dashed at the last minute when they were gazumped by the Fox family in their bid to buy the Capital Golf Club.
The developer who has undertaken to build new houses on the site of the current Rossdale golf club was the under bidder on the Moorabbin Course originally built for high rollers at Crown Casino.
The casino gave the Fox family the nod because it is understood to have indicated that in the near future at least, the casino’s use of the golf course would remain unfettered.
It is also understood that the Fox family placed at least one condition on the sale going through, in that a land tax exemption would need to be granted on the property from the Victorian government.
Annual land tax is estimated at $20 million for the property. Blackstone Crown was spending an estimated $30 million annually (including land tax) on the course and surrounds and decided it no longer fitted its business model.
People briefed on the transaction who requested anonymity to speak freely to AFR said Crown would receive more than $90 million for the 18-hole course based in Heatherton in Melbourne’s southeast.
Capital Golf Club was bought from property developer Lloyd Williams for $67.6 million in 2013 when Crown was controlled by billionaire businessman James Packer. Peter Thosmon, Ross Perrett and Mike Wolveridge built Capital for Williams for an estimated $50 million.
The Capital Golf Club in Melbourne has been sold by Crown to the Fox family.
It once generated hundreds of millions of dollars from high-spending overseas gamblers but has struggled to attract the same numbers after gambling restrictions were introduced to minimise criminal activity uncovered by two royal commissions in 2021.
Lindsay Fox, the family patriarch, founded trucking giant Linfox and has a personal fortune of $5.7 billion, according to the Financial Review Rich List.
The family’s business empire now includes assets including the Phillip Island Grand Prix Circuit and Avalon and Essendon airports. The managing director of Linfox Property Group is Fox’s son, Andrew.
“The Capital is known for its beauty and impeccable standards. We’re honoured to be part of this next phase of custodianship and to build upon its legacy with the same respect and care that has made it so admired,” he told the AFR.
The Fox family was bidding against several interested parties, including a James Packer-backed development group founded by former Richmond president Clinton Casey who wanted it to become the new home for Rossdale.
Crown, which was the major sponsor of this year’s Australian Open golf tournament, will still provide guests with access to the club. Melbourne Golf Academy, a public-access golf driving range near the course that was owned by Crown, has also been sold to the Fox family as part of the deal.
As for Rossdale, they’ll continue to work through what is the best outcome, however a lot of the members cannot help thinking a golden opportunity has slipped through their fingers.
