Connect with us

Published

on

The influx of wealthy New Yorkers and Californians who relocated en masse to Florida have driven up the price of golf club memberships with some Miami area locations charging six- and seven-figure fees.

Luxury golf clubs in South Florida have in some cases doubled and tripled their membership rates since the pandemic, according to Financial Times.

A hedge fund investor who plays golf in the area told the publication that there is fierce competition in what has evolved to be an “access to luxury golf arms race.”

Of the more than 545,000 people who left New York State in 2022, more than 91,000 relocated to Florida that same year, many of them looking to escape high taxes and draconian COVID-era lockdowns, according to data.

Many of them have cash to burn.

The types of people moving down there are used to getting their way and having access to the best of the best,” the hedge fund investor said.

“Then you tell them Congratulations, you moved to Palm Beach, you cant be a member of any of the old-school clubs because the wait-list is 10 years long.”

The price surge is coinciding with a rising demand for membership, which has created a backlog that has kept A-list celebrities waiting.

DJ Khaled has reportedly been trying to gain membership at the exclusive La Gorce Country Club in Miami Beach, which charges $700,000 to join — up from $200,000 in the pre-COVID days.

Thus far, however, the record producer and disc jockey, who already has membership at Shell Bay, the north Miami Beach country club that charges $1.35 million for access, has been unable to get in, the FT reported.

The report cited data which found that the cost of membership at golf clubs in Southeast Florida has risen at more than quadruple the national rate.

The median cost of joining one of these clubs went from $120,000 in 2019 to $200,000 in 2023, according to data from Club Benchmarking, a Boston-based analytics firm.

“Country clubs are experiencing the collective rise of South Florida like many businesses. It’s simple supply and demand dynamics at play and these institutions are wise to capitalize,” Filippo Incorvaia, the founder of Miami-based FI Real Estate, told The Post.

“New Yorkers will pay to get in because it means exposure to the right people and it’s a true competition.”

Incorvaia said that a similar dynamic is playing out “at marinas, private membership clubs and even select restaurants too.”

According to FT, New York City-based real estate developer Witkoff, which also owns Shell Bay, plans to build Dutchman’s Pipe, the first newly constructed golf club in the Palm Beach area in the last 25 years.

Dutchman’s Pipe, which is slated to open on the site of the old Banyan Cay club later this year, is reportedly set to charge membership fees ranging from $300,000 to $350,000, the FT reported.

Indian Creek — the private golf club located on the Miami island that has been dubbed “Billionaire Bunker” thanks to its well-heeled residents such as Jeff Bezos, Ivanka Trump and Jared Kushner, Ken Griffin, Tom Brady, and Carl Icahn — reportedly charges $500,000 for new members.

Before the pandemic, Indian Creek’s membership fee was less than half that amount, according to FT.

The club is considering hiking membership fees even further, it was reported.

The Breakers, an elite golf club in Palm Beach, charges new members a fee of $550,000. Before COVID, the fee was closer to $300,000, the FT reported.

Emerald Dunes in West Palm Beach, which has a reported waiting list of 100 would-be members, charges a fee of $700,000 — more than double the approximate $300,000 price tag from pre-pandemic days.

The old clubs are impossible to get into,” a financier who plays at several clubs is quoted as telling FT.

“Its crazy the initiation fees that people are paying to just have a place to go to dinner or play golf.

Dutchman’s Pipe, Indian Creek and Shell Bay are all invite-only clubs where membership can be obtained only through knowing someone who is already a member.

Paul N. Leone, the CEO of The Breakers Palm Beach, told The Post, “A direct comparison cannot be made between pre- and post-pandemic fees, as the fee structures for membership changed.

The club does not publicly disclose details on membership fees and pricing, he added.

The Post also sought comment from DJ Khaled, Shell Bay, Witkoff, Indian Creek, La Gorce and Emerald Dunes.

Continue Reading

Sports

Oilers’ 5th comeback win in row sets NHL record

Published

on

By

Oilers' 5th comeback win in row sets NHL record

LAS VEGAS — Zach Hyman scored from just above the right circle with 3:02 left to put his team ahead for good, and the Edmonton Oilers rallied yet again this postseason to defeat the Vegas Golden Knights 4-2 on Tuesday night in Game 1 of the second-round series.

The Oilers, the defending Western Conference champions who came back from 2-0 down, set an NHL record with their fifth consecutive playoff comeback victory.

“We’re a patient group, we’re a veteran team. The guys here have been playing a lot of playoffs throughout the years,” Edmonton defenseman John Klingberg said. “They know what it takes. Just stick to our game, and take it game by game.”

Vegas, which had just seven shots on goal over the final two periods, lost a playoff game in regulation after leading by at least two goals for the first time. The Golden Knights are 47-4 overall in the postseason with that kind of lead.

Leon Draisaitl had a goal and an assist for the Oilers, and Corey Perry and Connor Brown scored the other goals. Evan Bouchard and Connor McDavid each had two assists. McDavid now has four consecutive postseasons with at least 10 assists for fourth best in league history. Calvin Pickard was barely tested after the first period and finished with 15 shots.

“It gives you a great opportunity,” Hyman said of winning the opener on the road. “You steal one in their rink, and now, you have a chance to take both. We haven’t been in that spot a lot. It’s nice to get the first one out of the way early.”

Mark Stone scored both goals for the Golden Knights to tie Jonathan Marchessault‘s franchise record with 36 for his Vegas career. It also extended his goal-scoring streak to three games. Adin Hill made 24 saves.

Both star-studded top lines delivered in the first period, with Stone scoring twice, the first on a double-minor power play. Edmonton’s top unit cut the deficit in half with 3:34 left when Perry deked Hill for an open net with McDavid and Draisaitl getting assists on the play.

Neither team scored in the second period even though the Oilers outshot Vegas 12-1. The Golden Knights had never been held to fewer than two shots on goal in a regulation playoff period.

Edmonton didn’t waste a chance early in the third, tying the score 57 seconds in when Draisaitl backhanded a shot off the boards and off Hill.

Hyman, who earlier in the shift took a stick to the face from Kaedan Korczak, broke the tie in the closing minutes, and Brown sealed the win 1:16 later.

“We were kind of all over the place in the first 10 minutes,” Perry said in speaking with Sportsnet after the win. “But we found our footing, found our game. We started moving the puck, and making plays. And then, we played well defensively, and kept the puck out of our net.”

Golden Knights defenseman Alex Pietrangelo did not play because of an illness, allowing Korczak to make his first career postseason start. Vegas also was without Pavel Dorofeyev, who led the team with 35 goals this season, for the second game in a row because of an undisclosed injury. Coach Bruce Cassidy has described him as day to day.

Game 2 is Thursday night in Las Vegas.

The Associated Press contributed to this report.

Continue Reading

Sports

Canes’ dominant 33-shot effort ‘paid off’ in OT

Published

on

By

Canes' dominant 33-shot effort 'paid off' in OT

WASHINGTON — Jaccob Slavin scored in overtime, Frederik Andersen made 13 saves in his return from injury and the Carolina Hurricanes outlasted the Washington Capitals 2-1 in Game 1 of their second-round playoff series on Tuesday night.

Logan Stankoven started the comeback with his goal midway through the third period off a turnover, beating Logan Thompson after Aliaksei Protas‘ errant pass off Washington teammate Alex Alexeyev‘s right skate put the puck on Jesperi Kotkaniemi‘s stick. After failing to score on a power play late in regulation, Slavin scored 3:06 into OT from just inside the blue line to give Carolina the series lead.

The result capped a dominant effort by the road team, despite the fact that it trailed for most of the game. Carolina finished with 33 shots on net, compared with just 14 for Washington. All told, six Hurricanes had at least three shots on net, including Slavin, who finished with five.

“We were all over it, and we knew we had to just throw everything at the net,” Slavin said. “That mentality paid off there at the end.”

Andersen, who wasn’t tested much, allowed only an early second-period goal to Protas in improving to 4-1 this postseason. Andersen was back after getting knocked out of Game 4 and missing Game 5 of the first round against the New Jersey Devils with an apparent head injury.

“Just trying to take what comes my way and be in that moment all the time and just stay with it,” Andersen said. “You don’t know when that next big save’s going to happen.”

Just a week ago, Andersen had to sit and watch as his teammates defeated the Devils in double overtime of Game 5 to secure the series. A week later, he was back, delivering the kind of quality goaltending Carolina has gotten from him whenever he has been healthy.

“Just really been looking forward to this for a while,” Andersen said. “Happy we could start off on the right foot.”

Carolina remained the only team perfect on the penalty kill this postseason, keeping Washington’s power play off the board twice to improve to 17-of-17. That, along with Kotkaniemi and Stankoven taking advantage of Protas’ mistake and Slavin scoring with Seth Jarvis screening Thompson, was the difference.

“I thought our guys played hard every shift. Right from the start of the game, I liked how we were playing,” Carolina coach Rod Brind’Amour said. “Obviously, we were down, but yeah, there’s a certain game plan. And I thought we were on it tonight.”

Game 2 is Thursday night in Washington.

The Associated Press contributed to this report.

Continue Reading

Politics

Democrats aim at Trump’s crypto profits with a 3-prong pincer move

Published

on

By

Democrats aim at Trump’s crypto profits with a 3-prong pincer move

Democrats aim at Trump’s crypto profits with a 3-prong pincer move

US Democrat lawmakers have launched a multi-angle attack on President Donald Trump’s crypto ventures with two bills and a subcommittee inquiry aimed at cutting his ability to profit from the initiatives.   

The Modern Emoluments and Malfeasance Enforcement Act, or the MEME Act, aims to prevent federal officials from using their position to profit from memecoins, Democrat Senator Chris Murphy said in a May 6 statement. 

If passed, the MEME Act prohibits the president, vice president, members of Congress, senior executive branch officials, their spouses and children from issuing, sponsoring, or promoting a security, future, commodity, or digital asset, according to the bill’s description. 

Violators could face civil penalties of up to $250,000 and be required to fork over any profits to the US Treasury. Criminal penalties could also apply, including fines and up to five years behind bars. 

US Representative Sam Liccardo, another Democrat, introduced companion legislation in the House of Representatives. However, Trump’s party, the Republicans, controls both chambers, and the legislation will need Republican support. 

Meanwhile, Democratic Senator Richard Blumenthal, a ranking member of the Permanent Subcommittee on Investigations (PSI), said in a May 6 statement that the committee is opening a preliminary inquiry into the Official Trump (TRUMP) token, Trump-backed platform World Liberty Financial (WLFI), and other associated business ventures. 

As part of the inquiry, the PSI sent letters to the company behind the Trump coin, Fight Fight Fight, and WLFI, asking for records and communications between the companies and the Trump organization. 

At the same time, Blumenthal says the subcommittee is asking for answers about what steps the firms have taken to address possible conflicts of interest.

Main points of interest flagged by the PSI include fees the president is making on the TRUMP token and the nearly 50% spike in value from $9.40 to $13.65 after the TRUMP coin website announced on April 23 that the top 220 holders of the token would be invited to a gala dinner at the White House. 

Soon after launch on Jan. 18, the Trump coin hit its all-time high of $73.43, according to CoinGecko. However, it has since lost 85% of its value and is trading for $11.13. 

More than half of TRUMP holders in profit

Roughly two million wallets have bought TRUMP, with an extra 54,000 adding the token to their stash after the dinner announcement, according to data shared with Cointelegraph from blockchain analysis firm Chainalysis. 

Around 764,000 of these, most with small holdings, lost money on the coin, while the 58 investors in the token have made profits of over $10 million each, totaling an estimated $1.1 billion. 

At the same time, Chainalysis says the memecoin creator has made $320 million so far, with an extra $1.3 million coming in since the White House dinner announcement. 

Related: Dem lawmakers object to hearing, citing ‘Trump’s crypto corruption’

Meanwhile, a trucking logistics firm announced plans on April 30 to build a TRUMP coin treasury through a $20 million convertible note issuance. 

Javier Selgas, CEO of Freight Technologies, said the tokens are an “excellent way to diversify our crypto treasury and also an effective way to advocate for fair, balanced, and free trade between Mexico and the US.”

The firm also acquired $5.2 million of the Fetch.ai network’s utility token FET on April 1. 

Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

Continue Reading

Trending