Plans to sell the Coral Beach Club to its members were revealed in a letter yesterday from the New York developer that holds a longterm lease on the South Shore property.Brickman Associates earlier this year scrapped much-heralded plans to redevelop the club as a Four Seasons 150-room resort and residences, blaming the global economic crisis.A spokesman for Brickman said yesterday the real estate private equity firm was in the process of finalising documents outling a proposed equity sale to members.The spokesman told The Royal Gazette yesterday the real estate private equity firm had backed off plans for a 150-room high-end hotel and residences at Coral Beach and was now looking to sell the club to members.“It is off the table,” confirmed Rob Coakley of Brickman. “That’s due to market conditions changing so dramatically in the world. We are now contemplating between ourselves and the Coral Beach Club membership a possible sale of a portion of the club to the membership.”He declined to give further details at this stage or say how much members could be asked to cough up for ownership.But club insiders told us it was likely to be a type of one-time initiation fee in the thousands of dollars, though significantly less than $50,000, plus increased annual dues, which currently are around $1,000 to $4,000 depending on membership type.The club has 1,800 local and overseas members.One club insider said it was a tough economic time to be pitching the equity plan to members, but it did appear to have some backing from members.“The bottom line is going to be the dollar amount,” said the insider. “But there are a lot of second and third generation members that are very loyal to the club.”The first phase of the redevelopment, which had in-principle approval, was supposed to start early last year after Four Seasons was named as the brand. The deal with Brickman was signed back in 2007 when Brickman purchased a long lease from owner of the 26-acre property, George Wardman.In a letter yesterday to Coral Beach members, which The Royal Gazette obtained, Brickman said it was now looking to arrange “an equity sale” of the club to members to help raise money for badly needed upgrades to the club’s facilities and services.Brickman blamed the “global financial realities” for the redevelopment plans not coming off and also “our evolving understanding of Coral Beach Club”.Mr Coakley said Brickman had gained a “deeper understanding of how precious the club and land was to members”.According to the letter, the plan involves the actual purchase of club facilities by members. A source said that would include the 32 guest rooms and 13 cottages plus eight clay tennis courts.“Technically, the members will purchase an entity that is the beneficiary of a 200-year ground lease of the club facilities,” principal Bruce Brickman wrote. “This new entity will issue a class of shares commensurate with the type of membership currently enjoyed by existing members. Those members who wish to enjoy ‘perpetual’ use of the club can purchase these shares at a price currently being determined.“The club will continue to be controlled by an elected Board of Governors and the rules and Regulations of the Club will be little changed to what exists today.”One member told us that it was not clear to them yet how much Brickman would be asking members to pay for the shares, and he said it was also not known whether members who decline to buy the shares would be able to continue to be members at all.“If it’s around $5,000 members are going to be asked to pay, many of them could probably handle that. But if it’s something around $50,000, you may see some leaving,” he said.The letter provides further details on what Brickman is proposing: “One of our primary goals is to maintain the character and charm of Coral Beach Club architecturally, socially and culturally as a special place.“On the nearer horizon, we have heard from many members that they would like to see an update of the facilities and an improvement in service.“Based on continued input from members since our last communication we have decided to include a restoration of the club and its facilities and the installation of professional third party management as part of the plan. Our architects are currently drafting restoration drawings and we’ve engaged a management group on a consulting basis.”Brickman said more information would be provided in “town hall” style meetings with members here and overseas. Offering documents are expected to be distributed in January.Brickman added: “Members that have made deposits and paid their annual dues will be permitted to use the facilities for the club year starting in June 2012.”