Lloyd Williams sells Capital Golf Club to Crown Resorts for its casino high-rollers

Crown Resorts has purchased the prestigious Capital Golf Club from Melbourne porperty developer Lloyd Williams for $67.6 million.

The course, considered one of the best in Australia, is in Melbourne’s south-east at Heatherton.

It is mostly frequented by Crown high-rollers, tucked away near Moorabbin behind massive wrought-iron gates. It was a par 72 course when it opened in 1997.

The 120-hectare golfing playground was reportedly modelled on the private desert golf course of the owner of the Las Vegas Mirage Casino, Steve Wynn.

Lloyd Williams’s private company, Hudson Conway, built Capital in the 1990s at an estimated $50 million cost. It has been the desire of Crown to own it outright for almost two decades.

The outright purchase was revealed in Crown’s latest results. It had been leased from the late 1990s at around $5 million a year under a leasing deal with Crown which gained an exclusive corporate membership share in Capital for around $36 million.

With a $12 million clubhouse, the course was designed by champion golfer Peter Thompson.

Lloyd Williams, a long-time friend of the Packer family, is often involved in high-rolling property deals. He recently indicated his Mount Macedon property was for sale as horse racing operations are set to relocate the Mornington Peninsula.

The Macedon Lodge is set for sale with $20 million hopes.

He also sold the warehouse featuring in The Block to the Channel 9 series production company. 

news@propertyobserver.com.au

     

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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