Posted August. 22, 2005 03:11,
Koreans are on shopping spree for golf courses in southern California.
Sources from the Korean Golf Association in the U.S. said on August 20 that Danis Lee and others from Sundan, a Korean investment firm, bought Landmark at Hemet in Riverside County for $8.5 million. The course opened as an 18 hole- golf course in 2003.
By purchasing the golf course, the company now owns three golf courses including Diamond Hill in Tampa, Florida and Tour 18 in Dallas.
A Korean investment group led by David Lee also bought Robinson Ranch golf course in Santa Clarita for $17 million in April. And a person known as A bought Moor Park golf course for $18 million last year. All in all, Koreans own a total of 22 golf courses in southern California alone.
Among them, A, who was once embroiled in the rumor mill for his connection with Korean political circles, owns three golf courses, and another person known only as B has two golf courses in Palm Springs.
Given that most of them paid cash for 30-40 percent of the price, the Korean shopping spree on golf courses which began in the mid 1990s indicates that Koreans now have greatly improved economic power.
One realtor in the region said A considerable number of the wealthy and investment groups are looking for more golf courses to buy, adding, In addition, an unidentified amount of secret Korean funds have already flowed into golf courses in the region.