The locally-owned Peninsula Golf Club in East Massapequa could be sold to an out-of-state company if shareholders agree at a meeting scheduled for March 18.
In a Feb. 15 letter to shareholders of owner P.G.C. Holding Corp., company president Nicholas DeSibio, a Hewlett-based attorney, wrote that a $4.4 million offer had been made for the approximately 50-acre, nine-hole golf course.
"Our board members and officers believe that the ‘time has come,’ as we are having difficulty devoting the time to manage the operation," DeSibio wrote.
DeSibio said in an interview Thursday that the price was good "only as a golf course" but he wanted to see whether the stockholders agreed. The proceeds would be distributed to its 68 stockholders, according to the letter.
"We received correspondence from a Florida firm seeking to buy this strictly as a golf course," DeSibio said. "We’re not attempting to sell this for development or anything else."
Though Oyster Bay’s zoning map shows the property is zoned for residential use, DeSibio said restrictive covenants with Nassau County prevent it from being developed into housing.
"The deed that came from the county of Nassau indicates that it must remain as a golf course and must remain open to the public, and we shall and must charge reasonable rates to the residents of the Nassau shore area," DeSibio said.
Shareholder Robert Siriani, a retired Suffolk County worker from Mastic Beach who said he inherited one share from his father, said he mailed in a proxy vote against the sale because he thought it was worth more than $4.4 million.
"I thought the price is a little cheap for a 50-acre golf course," Siriani said. He added that he told DeSibio "I want to vote ‘no’ unless you can renegotiate the price."
Siriani said he would like to see an appraisal of the property.
A group of former caddies from Inwood purchased the golf course from Nassau County in 1946 under the name Peninsula Golf Club Inc., according to an article published that year in the Brooklyn Daily Eagle. DeSibio said his father had been among the original purchasers. State records show the current owner was incorporated in 1951.
DeSibio in the past performed legal work for Hempstead and Oyster Bay on workers compensation cases, but the towns are no longer his clients, he said.
A company balance sheet that was included in a 2016 lawsuit against Nassau County challenging the property’s tax assessment showed the company received $671,634 in greens fees in 2014 and had a net operating loss of $59,140. The company received a $70,000 payroll protection program loan last year under the federal pandemic relief package, according to a ProPublica database.