people led by UK developer Mr. Alistair Woolf was completed yesterday.

The closing took place at Conyers, Dill & Pearman, seven days after Cabinet gave its final stamp of approval, and, about a month after the sales contract was signed with receivers Price Waterhouse and Adelaide Capital Corporation of Canada.

Mr. Woolf said that he "achieved closing in record time, prior to the festive Christmas season, by progressing inter-party negotiations in an aggressive and hands-on manner.'' He takes up residency here in January to take control of the sales, marketing and management of the club.

The deal, worth more than $4 million, brings with it none of the capital debt that in 1992 landed the property in the hands of receivers. The club was mired in more than $80 million of potential debt, some $70 million of which it was claimed was owed to the Canadian firm that opened it up, York Hannover. But that firm is now wound up and will receive nothing.

Adelaide Capital, a firm associated with the Canadian Deposit Insurance Corporation (CDIC), is expected to be paid. Adelaide Capital, which will be the principal recipient of the purchase monies, had originally claimed that it was owed some $12 million.

They originally sought to sell the club for $11 million. They will now end up with somewhere close to $4 million.

Now, a full latent defect and refurbishment survey is being undertaken by architects on the 69-unit club, with a view to needed upgrading for some of the older cottages and club facilities.

The new owners will move ahead with the selling of the remaining timeshare weeks in order to reduce the required monthly payments for the existing members. At least 80 percent of the membership weeks have already been sold.

Mr. Woolf's company, St. G. Club Ltd., is negotiating with planning authorities to confirm his new development plan for the remaining undeveloped eight acres of land. Plans, at present, call for 60 more units.

He said yesterday that he had the full support of his Bermudian partners, an extensive professional team on the Island and the member's advisory committee (MAC) which originally proposed to purchase the land.

He plans to speak with some 500 of the 2,300 members on January 29, when they converge on New York for a meeting. He said that he will address them on the launch plans for the 1995 construction pre-sales.

Mr. Woolf said that his whole family "fell in love with Bermuda in 1988 and are delighted to have this opportunity to become involved in the St. George's Club and to finally exorcise the ghost of bankrupt developer York Hannover, a casualty of the late 1980s property recession.'' Last month, the investors, which include businesswoman Mrs. Janet Jackson, Mr.

delMonte Davis, and Mr. Woolf's wife Sally-Ann, said that they were backed by $13 million of capital and that other Bermudian investors were seeking to join them.

The group is being advised by New York travel and timeshare specialist, Mr.

Bill Dowling, who advised York Hannover and the Bermuda Government when the project was begun in the early 1980s.

DONE DEAL -- The transfer of the St. George's Club from Canadian company Adelaide Capital to St. G. Club Ltd. is official. From left are vice president of Price Waterhouse Canada Mr. Paul Bishop, managing director of St. G. Club Ltd. Mr. Alistair Woolf, vice president of Price Waterhouse Mr. Richard Kempe and manager of Adelaide Capital Mr. Andy Krausz.