The 100-acre property at 255 Golf Links Road, Maiden Gully, went on the market about March with a price guide of $2.3 million – $2.5 million.

Bendigo Golf Club president Andrew Johnston said the property sold this week to an unidentified private company an undisclosed sum.

He said proceeds from the sale would not only cover the club’s debts but enable improvements to the course and facilities in Epsom.

“It is certainly a very long time since we had no debt at all,” Mr Johnston said.

Bendigo Golf Club bought the land in Maiden Gully after the Eaglehawk Golf Club went into liquidation in 2013.

About 100 former Eaglehawk golfers are active members of the Bendigo Golf Club.

Mr Johnston said maintaining the property at Maiden Gully had been a source of financial stress for the club, which had been holding off on selling in the hopes of the area being rezoned residential.

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Sustained appeals to the City of Greater Bendigo for support were unsuccessful. Meanwhile, the property stood vacant and was targeted by vandals.

“The costs of running a golf [course] are ever increasing and we have been a bit stymied trying to carry everything in the hope of a better result with rezoning,” Mr Johnston said.

“The Bendigo Golf Club made the tough decision that it was necessary to satisfy members and banks who had been extremely patient.”

He wished the buyer all the best for their plans.

“He also knows the potential,” Mr Johnston said.

“We know in time it [the property] will triple or quadruple in price.”

It was originally hoped the sale of the land would fund the development of a destination golf course.

The Bendigo Golf Club has scaled down its plans since deciding to put the property on the market while zoned for farming.

”It’s going to be alright, but not as good as it was going to be,” Mr Johnston said.

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