The Wisconsin Club has sold its country club and golf course to a Florida company for $4.5million.
The buyer agreed to improve the property as part of the agreement.
Milwaukee's private club membership will maintain its location in the downtown area at 900 W. Wisconsin Ave. Members will continue to have access, even after the sale of the club, to the location at 6200 W. Good Hope Road in the northwest part of the city.
The Wisconsin Club, in an email sent to its members on Thursday and obtained by the Milwaukee Business Journal, wrote: "The sale is the best way to ensure financial strength for both locations as well as the continued evolution of both locations into the future."
The buyer is Concert Golf Partners, based in Lake Mary, Florida. In exchange for the sale, the buyer agreed to spend approximately $1.8 million on several projects that must be completed within two years. These projects include repairs to the golf course, clubhouse upgrades, and a new kids' club.
Peter Nanula, CEO of Concert Golf Partners, wrote to Wisconsin Club members in a letter: "We take our responsibility as the new owners of a Country Club that is nearly 100 years old seriously."
The sale should close in 30 days. The sale of the property was decided by the Wisconsin Club after a vote among 500 members. 97% voted in favor.
The Wisconsin Club is separating into two entities. A permanent general manager will be sought for the club's downtown location. Kathie Eilers is the club's interim manager.
The Wisconsin Club was founded in 1891, and has been located in the historic Mitchell Mansion downtown Milwaukee since 1895. The club assumed the operations of Brynwood Country Club, a country club that was formerly known as the Wisconsin Club. In 2011, the club purchased the property for $3.5 million.