Blackstone’s Crown Sells Prestigious Golf Club to Fox Family for Nearly $100 Million
Crown Resorts, owned by Blackstone, has sold its exclusive Capital Golf Club in Melbourne’s southeast to the billionaire Fox family for almost $100 million, concluding a bidding war for the prestigious venue.
Key Details of the Transaction
- Venue: Capital Golf Club, an 18-hole course in Heatherton, Melbourne.
- Buyer: The billionaire Fox family, led by patriarch Lindsay Fox (founder of Linfox), whose business empire includes airports and the Phillip Island Grand Prix Circuit.
- Sale Price: Crown will receive more than $90 million for the course and the adjacent public-access Melbourne Golf Academy driving range.
- Seller: Crown Resorts, now owned by Blackstone.
The sale is part of Crown’s strategy to focus on its core Australian assets. The property was deemed non-core after the casino struggled to attract the same calibre of high-spending overseas gamblers following tightened restrictions imposed after 2021 royal commissions.
The Capital Golf Club was originally acquired by Crown from property developer Lloyd Williams for $67.6 million in 2013, during the tenure of James Packer. Packer-backed group was among the unsuccessful bidders for the property.
Andrew Fox, Managing Director of Linfox Property Group, stated the family was “honoured to be part of this next phase of custodianship” of the admired club. The sale proceeds will contribute to Crown’s plans to refurbish its casino, hotel, and apartment precincts across Australia.
