Press Release
August 1, 2001
CHARLESTON, SC -- Golf Trust of America, Inc. (AMEX:GTA), a real estate investment trust, announced yesterday that
the Company has sold 7.5 golf courses for total consideration of $89.41 million to Legends Golf Holdings, LLC,
an affiliate of the existing lessee.
The sale agreement with Legends Golf Holdings, LLC included closings on the Legends Golf Resort courses at Parkland,
Moorland and Heathland in Myrtle Beach, South Carolina; the Heritage Golf Club in Pawley's Island, South Carolina;
the Oyster Bay Golf Links in Sunset Beach, North Carolina; and the Tiburon Golf Course in Omaha, Nebraska.
As previously reported, three golf courses also subject to the sale agreement, Royal New Kent, Stonehouse and Silverthorn,
were sold to superior bid purchasers, and a fourth golf course, Black Bear Golf Club in Eustis, Florida, is subject
to a pending superior bid sale. The remaining golf courses subject to the sale agreement are the Bonaventure Resort
Courses in Ft. Lauderdale, Florida, which are subject to a pending dispute resolution process between buyer and
seller.
Golf Trust of America, Inc. is a real estate investment trust involved in the ownership of high-quality golf courses
in the United States. The Company currently owns an interest in 25 (eighteen-hole equivalent) golf courses. Additional
information, including an archive of all corporate press releases, is available over the Company's website at www.golftrust.com.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of
the federal securities laws. Actual results and the timing of certain events could differ materially from those
projected in or contemplated by the forward-looking statements due to a number of factors including general economic
conditions, competition for golf course acquisitions, the availability of equity and debt financing, interest rates
and other risk factors as outlined in the Company's SEC reports.
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Contact:
Golf Trust of America
W. Bradley Blair, II or Scott D. Peters, 843/723-4653