Members of Clontarf Golf Club in Dublin last night voted to sell the course to Capel Developments.
The Club's 670 members will be paid €100,000 as part of Capel's commitment to pay all full members the money on condition that the sale goes through.
The deal is worth €125 million and 488 of the 537 members who attended last night's meeting, voted for a motion to sell the club's 77 acres to the development company.
However, the deal is complicated by that Clontarf leases 62 of its 77 acres from Dublin City Council. Under the terms of this lease the land can only be used as a golf club and the sale also depends on the land being rezoned for residential building.
No decision can be made on rezoning before the city's next development plan is drawn up in 2011.
