# Investing in the Nunnery Demesne Golf Club?



## mcdonnst (20 Oct 2006)

Hi all, 
     Just wondering I have found out about a golf club and health club which has got planning permission will be buil in 3 years, They will have some big golfer sponsering it (maybe Tiger Woods)

They are offering membership now at at least half price, 25k
membership will be at least 50k when its opened and will hopefully be worth more as the years go on.
There is the plan to build houses which will increse the value.

Is this a stupid investment.

Sorry if this has being posted before.

Thanks


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## Glenbhoy (20 Oct 2006)

*Re: Advice Golf Membership Investment*

probably


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## bacchus (20 Oct 2006)

*Re: Advice Golf Membership Investment*

How did you find out?  is it publicly advertised somehwere? web link to share?
What happens if they don't get planning?
Have you seen a contract?

Looks like a scam...


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## Markjbloggs (20 Oct 2006)

*Re: Advice Golf Membership Investment*



mcdonnst said:


> (maybe Tiger Woods)


 
Yea, right


Avoid if you have any sense.


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## mcdonnst (22 Oct 2006)

*Re: Advice Golf Membership Investment*

I havent seen the contract yet,
They are getting the planning permission very soon, like late last week or this week. wouldnt have to sign before they get it.
I found out because a person in work is the girlfriend of the son of the dad who is the director.
She is buying two memberships.
There has being some well know investors put there money in (I cant remeber there names) 
Its called the Nurney Demedne golf and country club.
It will be a one or two months before they willknowif tiger will be on board.
They are in talks now butI can wait until I know for sure.
Cant find a web link.

Got tis info from them on email
*The Nurney Demesne, Golf and Country Club.*​ 
   Ireland's first Private Members Golf & Country Club is a unique investment opportunity with significant short and long-term returns. Just 50kms to Dublin this new development offers the EARLY investors the possibility of FREE membership in a world class Golf and Country Club and a significant return on their investment.

   Attached find the Nurney Demense outline development proposal. If you would like a hard copy, let me know, I’ll be happy to forward you one.

   Current Schedule:
·[FONT=&quot]         [/FONT]Golf Course Planning Permission in place 
·[FONT=&quot]         [/FONT]Planning for club house and housing development by 2009. 
·[FONT=&quot]         [/FONT]Building of the Golf Course to commence  early 2007 
·[FONT=&quot]         [/FONT]Once Golf Course Opens membership fee of €1,000 per annum, planned opening 2010. This fee will also will cover membership of country club 

   There is a choice of two options for the EARLY investor to secure the possibility of FREE membership and a significant return on their investment.


*Option A - you pay €24,000 upfront.*​ ​   After 5 years you can surrender your membership or stay a member

·[FONT=&quot]         [/FONT]If YOU GO, the company will pay back your initial *€24k + €7k….€31,000* A RETURN OF CIRCA 7% 
·[FONT=&quot]         [/FONT]IF YOU STAY , you keep your membership and when a property, which is assigned to you, from the housing development is sold you receive a further €50k , but you must agree to stay a member for a further 5 years

   In summary:

·[FONT=&quot]         [/FONT]YOU INVEST €24,000
·[FONT=&quot]         [/FONT]YOU RECEIVE €50,000
·[FONT=&quot]         [/FONT]YOU MAKE *€26,000 PROFIT* PLUS YOU HAVE A CLUB MEMBERSHIP ‘’FREE’’ *WORTH €50,000* minimum which you can SELL after further 5 years.

*Option B - YOU PAY NOTHING FOR 5 YEARS*


   You take out a loan for €25,000 from the Permanent TSB in Longford. The company cover your monthly repayments of this loan i.e. you will receive a monthly payment which will equal your loan repayments, to include capital, interest and bank charges for the first 5 years. At the end of 5 years there will be circa €15,000 outstanding on the loan.

   After 5 years you can surrender your membership or stay a member.

·[FONT=&quot]         [/FONT]IF YOU GO, the Club will pay you €3k and repay the outstanding loan of €15k. 
·[FONT=&quot]         [/FONT]IF YOU STAY, you will pay €22,000 to keep the membership, the Company will repay the outstanding loan of €15,000, and you will *RECEIVE €25k* when the property which is assigned to you from the housing development is sold  on condition you agree to stay a member for a further 5 years.

   In summary:

·[FONT=&quot]         [/FONT]AT END OF YEAR 5 YOU HAVE PAID €NIL
·[FONT=&quot]         [/FONT]IN YEAR 6 YOU PAY €22,000
·[FONT=&quot]         [/FONT]BUT RECEIVE €25,000
·[FONT=&quot]         [/FONT]YOU MAKE *€3,000 PROFIT* PLUS YOU HAVE CLUB M'SHIP ‘’FREE’’ *WORTH €50,000* minimum which you can SELL after a further 5 years.



   You have the opportunity as an early entrant to this investment to make exceptional short and long-term returns. *Membership is limited.* This opportunity will not last long so act now to avoid disappointment

   . 


   Both investment options are contractual. Each contract consists of 14 parts, with sections 4, 5 and 6 differing in each. An outline of the contracts is set out below.   I would be happy to send to you and discuss the contracts for both options and give you further details on the development


*Outline of the Investment Contract *​ 

 1.[FONT=&quot]        [/FONT]the development company will build golf course & facilities, and lease it to Club<limited co.> 
   2.[FONT=&quot]        [/FONT]you buy 1 non-cumulative preference share in the Club 
   3.[FONT=&quot]        [/FONT]you must adhere to terms & conditions of the Club 
   4.[FONT=&quot]        [/FONT]what to do now< two options A and B> 
   5.[FONT=&quot]        [/FONT]what to do in 5 years , to go OR stay 
   6.[FONT=&quot]        [/FONT]options after 3 years for the Club 
   7.[FONT=&quot]        [/FONT]guarantee by the development company that it will guarantee what the Club has proposed 
   8.[FONT=&quot]        [/FONT]your share is saleable through the Club 
   9.[FONT=&quot]        [/FONT]your share can be passed on in your will 
   10.[FONT=&quot]     [/FONT]it is a contract but not a partnership 
   11.[FONT=&quot]     [/FONT]anything illegal within the contract is renegotiable (Note: This is a normal contract stipulation) 
   12.[FONT=&quot]     [/FONT]notices 
   13.[FONT=&quot]     [/FONT]notices 
   14.[FONT=&quot]     [/FONT]Law of Ireland applies


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## bacchus (23 Oct 2006)

*Re: Advice Golf Membership Investment*

well, may be not a scam anymore, it looks real.... [broken link removed]here.


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## ClubMan (23 Oct 2006)

*Re: Advice Golf Membership Investment*



mcdonnst said:


> *Option A - you pay €24,000 upfront.*​        After 5 years you can surrender your membership or stay a member
> 
> ·If YOU GO, the company will pay back your initial *€24k + €7k….€31,000* A RETURN OF CIRCA 7%


7% over 5 years - that's a pretty poor return.


> ·IF YOU STAY , you keep your membership and when a property, which is assigned to you, from the housing development is sold you receive a further €50k , but you must agree to stay a member for a further 5 years


How exactly do they plan to fund this return!?


> At the end of 5 years there will be circa €15,000 outstanding on the loan.


"Circa"? That's a bit vague...


> ·IN YEAR 6 YOU PAY €22,000
> ·BUT RECEIVE €25,000
> ·YOU MAKE *€3,000 PROFIT* PLUS YOU HAVE CLUB M'SHIP ‘’FREE’’ *WORTH €50,000* minimum which you can SELL after a further 5 years.


Hmmm... the mythical free lunch?


> Both investment options are contractual. Each contract consists of 14 parts, with sections 4, 5 and 6 differing in each. An outline of the contracts is set out below.   I would be happy to send to you and discuss the contracts for both options and give you further details on the development


If you are really interested in this then get professional investment/taxation and legal advice before signing anything.


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## ronaldo (23 Oct 2006)

*Re: Advice Golf Membership Investment*

I've done a search on the net to try and find more information about the company. The only thing I can come up with is the fact that the company was registered on 5th September of this year. 

[broken link removed]

Not sure if this means anything or implies that there is less risk of it being a scam though.


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## extopia (23 Oct 2006)

*Re: Advice Golf Membership Investment*

"Ireland's First Private Members Golf & Country Club?"

There are many private members clubs in Ireland. Some of them are even "Golf and Country Clubs" (whatever that means in an Irish context).

I'd avoid this Nurney business like the plague. Tiger Woods? Yeah, sure.

There's nothing wrong with becoming a "charter member" of a golf club for an upfront fee (providing you like to play golf of course) but all this hooey about future property sales and Longford bank loans etc smells a bit fishy to me. If their business plan is so great surely they can finance this in a simpler (and less costly, from their point of view) fashion?


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## ronaldo (23 Oct 2006)

*Re: Advice Golf Membership Investment*



ClubMan said:


> 7% over 5 years - that's a pretty poor return.
> 
> In my opinion, 7% would probably be a poor return when compared to, for example, the stockmarket. However, if this return is guaranteed, I'd rate it as reasonable when compared to the likes of bank deposits.
> 
> ...


I'm sure they can't give an exact figure due to the fact that they don't know the fixed-rates that will be on offer by Permanent TSB at the time you get an loan offer.


> Hmmm... the mythical free lunch?


True, whats to stop every keen golfer in Ireland from doing this and getting free lifetime membership to a "Championship Golf Course" worth 1000 euro a year. If it was genuine, would it not be possible to secure all the funding you require through recruiting members from various golf clubs/magazines as opposed to promoting it as an investment opportunity with the potential of 26,000 + membership profit on a 24,000 investment??


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## extopia (23 Oct 2006)

*Re: Advice Golf Membership Investment*

I don't think Clubman said all that. 

Btw the alleged 7k "return" is on 24k over 5 years so it's a total of about 29% over the term so I suppose it approximates about 7% per annum. I wouldn't put much faith in this "Guarantee" however without knowing a lot more about the developers.

1,000 a year is pretty cheap for golf membership these days. Why not wait till it's built and just pay the annual fees? No risk there.


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## runner (23 Oct 2006)

*Re: Advice Golf Membership Investment*

Ask someone who bought membership in South County Dublin Golf club 7/8 years ago at 25K, and are advertising them for sale at 15k these days - to try and get rid of them! Dont have and self interest, and dont play golf. Risky investment, if you dont intend to use it yourself.


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## KalEl (28 Apr 2007)

*Re: Advice Golf Membership Investment*

If IMG got a sniff that Tiger's name was being bandied about in relation to this place they'd have it shut down.
If it's handy for you golf-wise, go for it but as investments these memberships tend to be poor.


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## mcaul (6 May 2007)

*Re: Advice Golf Membership Investment*

It is a rather complicated piece of paper - would it not be easier for the hotel & club developer to sell off the residential development sites to another developer?

Methinks I'll stick to Athy GC.


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## Firefly (8 May 2007)

*Re: Advice Golf Membership Investment*

If it really is going to be a private members club they wouldn't have to advertise at all, let alone off share buy backs. Hasn't Darren Calrke designed one in Westmeath already, where there are no greenfees? Can't remember that being adverstised to the general public....


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## dflui (8 Jan 2009)

*Re: Advice Golf Membership Investment*

I'm sorry to bump this thread, but it is of interest to me right now because a friend got me to buy into this.  I have been paying TSB 291 euro a month for this loan of 25k.  I am meant to be recieving this from Dungrove developments in retrun in order to faciliate the loan.

I haven't recieved one penny!  I can't contact anyone because the numbers are dead and they don't reply to their emails.

Can anyone help?
Darren


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## Complainer (8 Jan 2009)

*Re: Advice Golf Membership Investment*

Do you have a contract with them? Was there a solicitor involved? Who was your €25k paid over to?


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## dflui (8 Jan 2009)

*Re: Advice Golf Membership Investment*

I do have a contract.  It must be breach of contract.  I don't have a solicitor involved.  Anyone else out there stuck in this mess with them?  The 25k is a loan taken out to give to them the developers.  The developers then are meant to pay off the interest of the loan. This way I think they raised something like 10million euros privately with lower interest rates because it was spread out over many people like myself as investors.  At 5 years they stop paying the interest and they have a choice to buy us out or we keep the membership and pay off the actualy loan over another 5 years.


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## Complainer (9 Jan 2009)

*Re: Advice Golf Membership Investment*

I guess you'll probably have to engage a solicitor as a first step. Check out your options, and see what would happen if you stop making repayments to PTSB. I heard of one new golf club in Meath that closed down after only attracting 4 members!


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## Gman_2009 (29 Jan 2009)

*Re: Advice Golf Membership Investment*

A relative of mine has invested in this golf development and is getting very anxious at the moment. The fact that the phone number on the "thenurneydemesne.com/" website is always engaged is not a good sign. Does anybody have any advice on what the best course of action would be?


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## hizzy (29 Jan 2009)

*Re: Advice Golf Membership Investment*

Hi Gman

I went onto the website www.solocheck.ie, and did a search on the company under nurney demesne golf club limited and the latest thing about this company is the following B2 CHANGE IN SITUATION OF REG OFFICE, don't know if this is of any help but you can buy the document for 6 euro.

Hizzy


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## Gman_2009 (5 Feb 2009)

*Re: Advice Golf Membership Investment*

Thanks Hizzy,

I recently looked up Company Regsitration Office CRO website and the company is listed as "Strike Off Listed" which means it hasn't submitted any financial reports for 1 year. It's not looking too good for investors. I'm not looking forward to telling my relative but its better than sticking your head in the sand and hoping for the best. If anyone else is in the same position or has any information leave a message on this forum and maybe a coordinatined approach to this company can be organised.

Cheers


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## nuac (6 Feb 2009)

*Re: Advice Golf Membership Investment*

This investor should see a solicitor now


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## smartman (17 Feb 2009)

*Re: Advice Golf Membership Investment*

Have you engaged a solicitor yet to look into the company accounts. It appears that the company is now using the address of a Tax Consultant in Athlone. I agree with the idea of a coordinated approach to investigating the 'true' status of this investment. 

regards


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## bogle (5 Mar 2010)

*Re: Advice Golf Membership Investment*

Hi, just wondering is there any more developments on this? Not an investor, but familiar with the area.


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## gfenton (14 Jul 2010)

*golf investment*

Has anybody actually heard anything about this lately or is it another thing that people invested foolishly into.


thanks gerry


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## levelpar (16 Jul 2010)

I'm Santa Claus. What do you want for Christmas?


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