Three years after becoming one of the most unusual ownership stories in golf, Scotland's Spey Bay Golf Club is back on the market.
The links course, which sits on the country's north coast, about four hours north of Edinburgh. has been put up for sale, with offers of more than $2 million being sought for the course and its associated facilities. The US-based golf community LinksDAO acquired the club in 2023 after its members voted overwhelmingly to pursue the deal, attracting international attention as an early attempt to apply a digitally organised ownership model to a traditional golf club.
This sale appears set to end LinksDAO's ownership of Spey Bay, closing the group's first venture into Scottish golf.
In a Facebook post, Spey Bay general
manager Bert MacKay confirmed the course had been placed on the market and said LinksDAO wanted to focus future investment on projects in the United States. He also reminded readers that a golf club was “never just a golf club,” describing its importance to staff, members and the wider community.
Spey Bay Golf Club has been placed on the market, with specialist property agent HMH inviting offers in excess of $2m for the course and associated facilities.
The club is owned by LinksDAO, a US-based golf community which purchased Spey Bay in 2023. The organization also owns golf assets in the United States and describes itself as a community of golfers seeking to reimagine golf club ownership and membership.
Why was the original purchase such a significant story?
Because it was highly unconventional. Rather than a traditional golf operator, developer or investor acquiring the course, the purchase was backed by a large online golf community. Members were asked to vote on whether LinksDAO should pursue the acquisition and almost 88% supported the move. The transaction generated coverage across golf and technology media in both the UK and North America.
So why is LinksDAO selling now? The explanation given publicly is that it's a strategic move. LinksDAO chief executive Chris Bruce said most members are based in the United States and the organisation has decided to focus its attention and investment closer to home. Bert MacKay echoed that position in his Facebook statement, saying future investment would be directed towards projects in the US.
There is no evidence from the announcement that the business is being sold as a distressed asset. The course is being marketed as an established golf and leisure business and LinksDAO has highlighted improvements made during its ownership. The company has also pointed to Spey Bay's inclusion in some Scottish top-100 course rankings during its period of ownership.
The organization says its members were given the opportunity to experience and help shape a traditional Scottish links course, with LinksDAO investing in course improvements during that time. The group says the acquisition also raised Spey Bay's profile among international golfers, particularly in North America.
So what is being sold? The opportunity extends beyond the golf course itself. Marketing material highlights the clubhouse, practice facilities, a former driving range area and a touring caravan and motorhome park alongside the 18-hole links course.
The course occupies a distinctive setting at the mouth of the River Spey on the Moray coast and is among a relatively small number of true links courses. It is also within reach of both Aberdeen and Inverness airports and sits in a region that continues to benefit from growing interest in Scottish golf tourism.
Spey Bay dates from 1907 and was designed by the renowned Scottish clubmaker and course architect Ben Sayers. Former Labour prime minister Ramsay MacDonald was associated with the club and the championship trophy he presented remains part of its heritage.
HMH says it expects the property to attract interest from golf enthusiasts around the world, with the search for a buyer now underway. The next chapter for Spey Bay will depend on who emerges as the successful purchaser and what plans they have for the historic Moray club.
This article originally appeared on Golfweek: Historic Scottish golf course owned by LinksDAO is for sale for more than $2 million
