QLD: dominant Aveo shareholder Mulpha poised to take 100% stake in Sanctuary Cove Country Club in $8M deal

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Members of the private golf and country club will vote this month on a plan to sell their 81% stake including three parcels of land to 19% shareholder Mulpha to solve their financial problems, the Gold Coast Bulletin reports.

In 2014, Aveo paid Mulpha $15 million for Sanctuary Cove’s Recreation Club and driving range and are planning a 163-unit retirement village on land adjacent to the Country Club.

Aveo CEO Geoff Grady was the CEO of Sanctuary Cove from 2002 until March 2009 when he joined Aveo.

Established in 1986 on Hope Island, the $2 billion Sanctuary Cove was the first master planned community in Australia. In 2002, the development was acquired by Mulpha, the majority shareholder in Aveo, which has since spent around $250 million on developing the community.

Will the Club become part of their plans?