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Americans on course to buy up St Andrews

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Published Date: 21 October 2007
By JEREMY WATSON
THEY like it so much they are buying the town. St Andrews, the 'home of golf,' is on the verge of a North American takeover.
High-profile, multi-million-pound properties in St Andrews have been snapped up by wealthy American and Canadian businessmen over the last three years.

They include three properties surrounding the opening and closing holes of the world-famous Ol
d Course, as well as two golf resorts on the fringes of the town. The investment to date totals well over £100m.

The latest is 9 The Links, a three-story terraced house that overlooks the Old Course's 18th green where Open Championships are completed. Up to 12 buyers were offered "fractional" ownership in the £3m property for £775,000 each.

While enterprise chiefs in the area have welcomed the new investment, some residents fear St Andrews is being turned into a golfing theme park for wealthy tourists, which will destroy the town's character and lead to soaring house prices.

Patrick Marks, secretary of the St Andrews Community Council, said: "Some do ask if we are becoming a golfing theme park. The golfing-related developments are all very well but they can become overblown. What happens if they go bankrupt?

"We are also concerned that too much development will lead to more traffic congestion."

The American revolution began in 2004 when Herb Kohler, the US bathrooms magnate, bought the Old Course Hotel, which lines the famous Road Hole, for around £35m from its previous Japanese owners.

Then last year, the Toronto-based Fairmont luxury hotel chain purchased the St Andrews Bay resort on the cliffs two miles south of the town for an undisclosed sum.

Tim Blixseth, a publicity-shy logging tycoon from Oregon, paid £2m for land at Feddinch, close to the town's south-western fringe, to build a £20m golf resort.

Meanwhile, David Wasserman, a US developer, paid £20m to St Andrews University for its former Hamilton halls of residence.

Wasserman said:

"I really only work with iconic real estate. There is no place like St Andrews in world golf. It's unique because of the sense of history and tradition."

Tony Martin, the Fife councillor who heads the council's development committee, said: "In general, this huge North American investment is a good thing.

"I am just pleased that this is where these Americans and Canadians want to invest their money."



Page 1 of 1

  • Last Updated: 20 October 2007 6:25 PM
  • Source: Scotland On Sunday
  • Location: Scotland
 
1

An Beal Bacht,

Nihlon 21/10/2007 03:02:03

Why doesn't Scotland have rules about offshore ownership of property like many other countries? Scots are increasingly being locked out of the poroperty market. Starting in the seventies with English incomers now we have Americans and Canadians buying up St. Andrew's. Shame on us for putting up with this.

2

49th State,

beside myself with mirth 21/10/2007 06:28:39

# 1

Scunnert

Would you have the Muslims as your neighbors or your cousins from across the Pond? Besides, when you gain your independence from Jolly Old England, you can nationalize and take all the land deeds back from the Kanuks and we Yanks. Until then, be glad we are doing you a favor.

3

Angus Ogg,

Leaving On A Ferry 21/10/2007 08:55:14

Dear Scunnert,

I undertsand the point you are making, but the position is more complex than you make out. Also it is far from the entirely negative in the way that you portray.

For example, have you noticed the way out of town superstores rip the heart out of traditional high streets?

I could take you round 30 towns in Scotland where over a quarter of the small traditional high street shops are closed down, with many starkly boarded up Beirut style.

One of the ways that these closed businesses are now being opened back up, and made viable is people who have sold up their high value properties in the cities, are buying the old shops, spending a lot of money refurbishing them and re-opening them. Because these inward investors have a decent amount of money, they are re-opening these closed shops generally debt-free, which increases their viability.

Result three or four new jobs per shop, plus Scottish town high streets having a breath of life injected into them and looking half decent again.

The St Andrews position is of a scale higher up the economic line, and yes it does present problems, but these are not all negative.

Just thought I'd put a little balance into the debate.

Regards,

Angus.

4

Ian G,

Edinburgh 21/10/2007 09:04:02

I fail to see selling our land to a foreigner is in our interest.
Prices go up and locals can't afford to buy.
Holiday homes where the owners don't buy local.
Don't send kids to school.
Don't drink in the pub.

Result closed Post-office: School; Pub, Hotel all clubs and life. Result dead neighborhood.

And we should thank you for this?
If you were born, live, work in Scotland then you should be allowed to buy property.
If you don't work here or live here then you should not and prices could be afforded by young people born bred and looking for work at home and not needing to leave to go elsewhere.

Scotland maybe Disney Land to some north americans but its home to us Scots and why should we sell our homes to any outsider.

Yes some will get rich while others move abroad not this time because the Laird desires sheep but because the people can't afford to live here.

Well thanks for turning our land into one big holiday home for Yanks and Kanuks. Don't expect to find any Scottish people, they would not have the money to live next door and would have left for somewhere cheaper, where the schools would still be open.

Wee quaint Scottish villages need people with kids to keep the schools open the shops need people to buy goods and the pub needs regulars to stay open.
One dead american in Scotland will see them all running back across the pond leaving a dead village with empty over priced homes.

5

Boy Wonder,

21/10/2007 09:08:51

51st State, here we come!!!

6

Kipling,

@Doom Ray 21/10/2007 09:51:12

#4. But what kind of shops? Are they really re-opening the stores and providing the goods that were provided formerly? That's not the case south of the border. Noone buys a retail premise with the idea of operating at a deficit, even if they have loads a'money in the bank to sit on, surely ? In England the shops that reopen on former sites usually pander to the tastes of those who have immigrated into the region. Eg, the gentrifying newcomers. This has resulted in a loss of overall variety. Scotland should ensure, like France, & before it's too late, that the services that are provided by small culturally characteristic outlets are protected by law. And again, learning from what happened in the first half of the 20th century to Palestine, that the purchase of any land by non citizens is limited to a certain percentage in any area (or some such proviso). But I have a memory of some Welsh villages trying this and getting done under some European law ??

7

Serekundas Cousin,

21/10/2007 12:13:25

Of course , scotland is unique in having foriegn owned property....... not.

8

Aoda,

Pennsylvania Wilds 21/10/2007 12:55:53

Always a problem in any country. Another problem would be foreign investors buying out industry.

Foreigners buying hotels may be one thing but houses another. I bet it is the same as it is here in the wilds. The city folks move away to rural country to get away from the crowded city and for peace and quiet. Then they demand that farmer quits farming because the machines make too much noise early in the morning or they can smell the animals. Next they want sidewalks, streetlights, streetlights every fifty feet and a policeman on every corner. Whey did they move from the city in the first place.

Being a working class person never had the money or time to travel to Scotland and some other European countries but alway wanted to. If I ever do I would visit the historical centers but staying in a small city or town would be my choice. Then I would rather spend more time in the local pub and just meeting the average citizen and shop in the local stores. I would learn more doing that than by staying in a ritzy place.
Want to learn about a country then stay in a small hotel or bed and breakfast place, get out and meet the local people and talk with them and yes enjoy a beer or shot with them.

9

MK Goode,

New York City 21/10/2007 13:04:06

(Slapping hand against forehead)

This is a mistake. A BIG one. If they start making deals with McDonalds for sponsorship or slots for mini malls, please, all townsfolk take my advice and RIOT. (If they try to make it into a mini Vegas, pillaging should be involved and encouraged.)

10

'Suck' - McCrunchie,

http://petitions.pm.gov.uk/lowvegoilroadtax/ 21/10/2007 13:17:09

2. 49th State,

"Would you have the Muslims as your neighbors or your cousins from across the Pond?"

Yo ho ho!!

The more peace lovimg of the two, and remember even american golfer's trousers are loud.

11

Gogzy,

21/10/2007 18:33:42

god sake, at this rate st andrews will prob be deemed a foreign country if wealthy foreigners buy up all the property. seriously though im just coming to terms that unless i win the lottery its very unlikely im going to own my own place.

st andrews is a nice place but it being overrun by foriegners.

12

Davethewave,

USA 21/10/2007 19:17:16

While foreign investment is not always bad, in this case I think you will regret it. This is a cultural icon for Scotland and should be preseved.

The US wouldn't sell the statue of liberty, for example, or the grand canyon.

And BTW, I think it is being sold cheap.

And it hurts me to say this, but it looks like these are not americans, but american jews. There is a high likelihood it will get very commerical very fast.

13

Long Black Veil,

citizen of the world 21/10/2007 23:55:48

#14

"not americans, but american jews"

What a statement. Are you seriously suggesting that Donald Trump is less likely to turn a property he overtakes commercial because he's not Jewish? If so, I suggest you take a trip to Atlantic City when you come down off whatever it is you've been smoking. And are you saying that Jews can't be Americans?
I would deeply regret the takeover of St. Andrews by foreigners because it's doubtful they'd have the same marvelous respect for history that the Scottish themselves do, and concerns about offshore property purchases in Scotland are indeed well-founded, regardless of who the purchasers are.

14

Pelon,

Nowhere near St. Andrews... 22/10/2007 00:56:11

Uhhh. it isn't a theme park? I coulda swore the only reason Americans went there was to play gawf. No, really. Over here one never hears "St. Andrews" without also hearing the word "golf", unless, of course it's heard in church, then it's amen. The word Golf, that is (sorry, couldn't resist).
Hey it must be selling low, cuz we can hardly afford anything, anywhere, these days.
So there is more to St. Andrews than golf... I know, silly American, and I'm not surprised.
No matter. I know Americans, seeing as how I are one, and would offer the following advice in dealings with the American buyers, especisally as regards the history, culture, and enviable environs of St. Andrews. Tell the owners just what you will not tolerate. Don't beat around it, come out and speak it, as you would have it spoke to you. Draw the lines, and describe what you will allow to be seen from your line, as far as the eye can see, physically, temporally, and yes, spiritually.
Americans respect heritage. Many of us came from good stock, some of it even from Scotland.

15

tomi,

Fort Lauderdale, Florida 22/10/2007 05:14:34

At least keep something Scottish! Where are the SNP now? The Royal and Ancient would make a nice Municipal Golf course for St Andrews.

16

American Joe,

San Francisco, CA 25/10/2007 01:04:20

I studied at Edinburgh in the 80's and was pleased that there were places in the world that seemed attainable for the average Joe. I think it is a short-sighted vision to encourage high property valuation in any community from foreign investment. It will most certainly lead to the same sort of problems we see in the US with your children and their children being forced farther and farther away from their cultural roots as we continue to be in the USA due to outrageous costs of living in major cities.

We have resort communities with homes that sit empty 90% of the time and unemployed locals drinking their pocket change on the street, all because of the absence of proper land/use management that would require residency and development to restrict such wasteful investment.

It would be nice to see these new owners face heavy taxes for their absenteeism -- failure to live in the home for a certain number of nights per year resulting in substantial luxury taxation that would be used to build new homes for those displaced by the rising cost of living.

17

,

25/10/2007 02:13:15
Comment Removed By Administrator
Reason:
18

airmick,

Lewes, Delaware, USA 26/10/2007 07:20:08

No matter who owns the lands adjacent to St. Andrews the game of golf will always belong to the history of Scotland and its people. The very fact that so many are willing to spend so much to be near the birthplace of this great game says volumes about the game, the people and the area. Being a third generation american with Scottish roots I could only wish,that some day I might afford a small cottage near the links myself.

19

wattie>x 1,

26/10/2007 15:33:06

There is little left of the UK that I was reared in during the 1920/30s; especially that off our native Scotland!

From the North, right down to the borders,vast areas off our country now belong to foreign speculators and some, not very reputable landlords.

The sooner we regain our former nation status and our integrity, the sooner we may regain the parts of our country that has been flogged off on the stock markets.

St Andrew's should in no way; ever be taken out off Scottish ownership.


 

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