Phil Mickelson is the beneficiary of an over-populated golf course market in Arizona.
The golf star and his agent recently purchased Sanctuary golf Course in Scottsdale for a cool $2.2 million. Not a bad price considering five years ago that course was probably valued near $20 million.
Golf clubs all over Arizona, from Superstition Mountain in Gold Canyon to Seven Canyons in Sedona, have been hurt. But the economic fallout is especially noticeable in Scottsdale, the pinnacle of the Valley’s sprawling golf landscape of close to 200 courses.
There are far too many golf courses for the metropolitan Phoenix market, an InsightLand and Investments partner who has sold golf courses for 25 years. Mississippi has just over 200 golf courses in the entire state. In metropolitan Phoenixalone, there are 200 courses. Granted, there are more people in Phoenix than in the entire Magnolia state, but you wonder how they ever thought they would be able to support all 200 plus golf courses.
