Spey Bay Golf Club in Moray, Scotland, Is Listed for Offers Over £1.5 Million
Spey Bay Golf Club, a 1907 links on Scotland's Moray coast, is on the market through HMH Golf & Leisure at offers in excess of £1.5 million. LinksDAO, which bought the club in 2023, says it will now concentrate on the United States, where most of its members are based.
Spey Bay Golf Club, a links laid out in 1907 at the mouth of the River Spey on Scotland’s Moray coast, has been listed for sale. HMH Golf & Leisure is inviting offers in excess of £1.5 million, roughly $2 million at current rates. The seller is LinksDAO, which bought the club in 2023 and has said it will now concentrate on the United States, where most of its members are based.
What is offered is the club’s heritable interest, the Scottish equivalent of freehold, according to Golf Business News. “LinksDAO has reinvigorated the business during its period of ownership but the obvious scope for further commercialisation remains,” said Ben Allen, a director at HMH.
LinksDAO is a decentralized autonomous organization that raised money by selling cryptocurrency-based NFTs. It acquired Spey Bay in 2023 from the previous owner, Colin Murray, as The Golf Business reported. When the club was marketed in 2023, bunkered says, the guide price stood at £750,000. The sum LinksDAO actually paid has not been published, so an offer threshold roughly double that earlier guide does not, on its own, show how far the club’s value has moved.
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Chris Bruce, the group’s chief executive, tied the decision to where the membership sits. With most members in the United States, he said, it “makes the most sense to focus closer to home and pass Spey Bay on to a new owner that can continue the work we’ve started.” He also pointed to recent progress at the club, including a claim that it broke into Scotland’s Top 100 this year.
The Duke of Gordon commissioned the course, and Ben Sayers designed it in 1907. Eighteen holes run 5,860 yards to a par of 70 across undulating shingle banks near Fochabers, on the Moray Firth. The airports at Inverness and Aberdeen are both within reach. HMH describes the layout as one of only 247 true links courses in the world and places it among Scotland’s top 100 golf courses.
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A single-story clubhouse holds café-style catering, a gym, a golf shop, and ancillary rooms. Neither its size nor its age has been published. Beyond the building, the property includes practice facilities with a large putting green that has a “Himalayas” section, a former driving range now used as a borrow pit for course materials, and a park for touring caravans and motorhomes. The club, which currently trades as Links Golf Club, had 329 members as of September 2026 and charges a green fee of £85.
The listing lands in the same season as the sale of Jack Nicklaus Golf Club Korea in Songdo, a members’ club on another coastline and in another market. In England, the clubhouse project at Woodhall Spa is a building program, not the transfer of an entire links. At Spey Bay the offer threshold takes in the 1907 course, the clubhouse, and a going membership. The papers do not state what LinksDAO paid in 2023, and they do not give the clubhouse square footage or the year the building went up.
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