The Deal Sheet
After owning Prestonwood Country Club for almost 40 years, the Henry S Miller Cos sold the North Dallas golf club to ClubCorp. (Maybe they just got fed up with shorting all their approach shots.) It’s just one of many changes made by the 100-year-old company since the passing of company patriarch Vance Miller last year.
Greg Miller (Vance’s son and HSM prez/CEO), with Geraldine “Tincy” Miller (Vance’s widow and HSM chairwoman), tells us the timing was right to sell now because the real estate market is healthy with lots of investment activity. HSM plans to redeploy the proceeds from the sale into several multifamily and single-family development projects, Greg tells us. ClubCorp had expressed interest in Prestonwood for years, Greg says.
Greg says he feels bittersweet about the sale. The country club is where he was married. It's also where he (and his kids) learned to play golf and tennis. “There are so many fond memories from over 36 years,” he says. “But, we’ll remain very active members at Prestonwood so I’m looking forward to the next chapter.” The company also relocated its corporate HQ last fall. Greg says it’s time to reevaluate assets and determine the next strategic moves. Selling the country club was part of that process.
