The Special Membership Offering, initiated by Las Campanas on May 5, came to its official end on September 1. This successful promotion resulted in 39 new members over the four month period as follows:
Equity Golf: 21 members
Equity Club: 8 members
Equity Social: 10 members
The Board and Club management offer great thanks to those members who recruited new members as well as those who served as a sponsor for new members.
At the beginning of the SMO, the initiation fees were lowered to to a modified market rate of approximately one-third of cost price, which remained stable during the SMO. The Equity Club and Equity Social membership initiation fees will continue to be set by the Club. Equity Golf will be set by agreement between the representatives of Lloyd’s Bank and the Club. Although the bank’s agents have not made a final indication of their desired price point on Equity Golf for the long term, they have decided to leave the price at its current value of $30,000 for the month of September. The reissue lists currently have 58 Equity Golf, zero Equity Club and 15 equity Social memberships available for purchase. At this point, the distribution of memberships reverts to the pre-SMO formula of one issued from the reissue list to every three from the bank’s inventory. Memberships attached to property being purchased will flow directly from the property owner to the buyer, with a transfer fee of 20% going to the Club.