The site of the Kingswood Golf Club in Dingley has been sold to a well-known developer for more than the original $80 million forecast asking price, club officials say.
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The deal was sealed last Friday but officials refused to reveal details of the purchaser or the final price.
"At the request of the purchaser, for valid commercial reasons, there will be a short delay before the specific terms of the sale can be announced," the club's board said.
"We can advise members, however, that the terms fully meet, and indeed exceed, the sale amount forecast."
The 58 hectares of Kingswood's rolling lush greens were sold off after a bitter merger with another sandbelt venue, Peninsula Country Golf Club, late last year to form the Peninsula-Kingswood Country Club.
The controversial merger angered some golfers, with one club member, William Falkingham, launching a Supreme Court challenge.
If successful, the legal action would have unwound the deal, but Mr Falkingham's challenge was dismissed last week.
At least two large developers, Industry Superannuation Property Trust and national property group Mirvac, were speculated to be on the shortlist to buy the site. Neither ISPT nor Mirvac would comment.
Once rezoned, the Kingswood site could cater for hundreds of new homes. Some existing club members live in townhouses adjoining the course.
Many of Melbourne's older and prestigious membership-only clubs are struggling with dwindling numbers, competition from cheaper courses and the success of cycling as a sport.
The sale will leave the cashed-up Peninsula-Kingswood Country Club, which already has two golf courses, a hotel and tennis courts, with more than $40 million in the bank.
"Our founding clubs found a way to not only overcome the challenges but emerge as one of the leading clubs in the country," the board told members.
