Deal volume cooled from recent highs, but strong demand and strategic buyers kept the golf market active.
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After several years of elevated transaction activity, the golf real estate market settled into a more measured pace in 2025. Brokers and operators reported fewer deals than the peak years, but interest from well-capitalized buyers and long-term operators remained strong.
According to Mark Burnett, CEO and president of Heritage Golf Group, golf participation appears to be steadily rising six years after the COVID-19 boom first began. And, as a result, sales and purchases remain relatively robust, although not nearly as strong as they were from 2020 to 2024.
“Participation didn’t just jump up for a couple years and then back down,” Burnett said. “It’s continued to increase.”
Keith Cubba, senior vice president, Colliers, and national director of Colliers Golf Course Brokerage & Advisory Services, agrees. He noted that buyer pools can be shallower for assets that are worth $10 million or more. However, Colliers “had good depth” last year. According to Cubba, there were “multiple buyers at asking price” on several of the large deals that Colliers marketed in 2025. The bottom line? Strong demand was clearly evident on the acquisition side throughout 2025.
“In addition, sellers achieved target sales prices, while buyers acquired strong cash flow and good value,” Cubba said.
Cubba said he doesn’t recall any other time during the last 20 years in which sellers and buyers benefited so equitably from dispositions/acquisitions — without a substantial business model change and the upside that goes with that.
With 2025’s sales in mind (including the top 10 below), Cubba said that 2026 will likely be a continuation of 2025, with limited for-sale supply, greater institutional interest and further establishment of golf’s stability as an asset class.
1. The Club at New Seabury
Mashpee, Massachusetts
Price: $61 million
Broker: Leisure Investment Properties Group
Located in Cape Cod, New Seabury is a private golf and country club that features 36 holes of championship golf. Prior to June 2025, it was part of a real estate fund owned by Carl Icahn. Due to Leisure Investment Properties Group’s past business with the real estate fund, it was hired to facilitate the disposition of the asset last year.
During the spring, LIPG received numerous phone calls from various members of the investment community, each of which was interested in…
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