A sprawling Ocala golf course and country club originally developed by billionaire Frank Stronach has been sold for $63 million to an investment group led by a former high-ranking U.S. Treasury official who most recently held an executive position at Freddie Mac.
The transaction for the 1,274-acre property, formerly known as the Adena Golf & Country Club, was completed in late January. According to state records, the sale took place between Adena GC Holdings LLC and Iron Lake Property LLC on January 29.
The golf course at Iron Lake
The new ownership group, Oculus R Golf Partners, is led by Craig S. Phillips, a longtime finance executive who served as Counselor to Treasury Secretary Steven Mnuchin from 2017 to 2019, under the first administration of President Donald J. Trump.
Phillips and his partners have rebranded the property’s residential community as IronCrest and its private club as The Club at Iron Lake. The former club’s website (www.clubadena.com) now redirects to an alternative website for the new brand.
The Club at Iron Lake overlooks the rest of the course in Ocala. Credit: Iron Lake
The acquisition includes the 18-hole championship golf course, a 37,000-square-foot clubhouse overlooking the quarry lakes, an eight-court clay tennis complex, a resort-style pool, and fitness facilities.
Located at 950 NW 75th Street, about four miles north of downtown Ocala, the property is distinct for its dramatic elevation changes and limestone quarries, features that originally defined the Adena course when it opened in 2015.
The facility features several other amenities, including tennis courts. Credit: Iron Lake
Beyond the club amenities, the purchase encompasses significant acreage slated for future development. According to a press release from the new ownership group, the site has entitlements for up to 236 homesites and includes a land bank of nearly 500 acres.
Additionally, 355 acres have been designated for equestrian farm sites, fitting the property’s location in a region known as the “Horse Capital of the World.”
The club was originally built by Stronach, the founder of the Stronach Group and Magna Entertainment, and was considered one of the most scenic and challenging courses in the region before operations were suspended in 2018.
The property has several unique topographical features, including a waterfall. Credit: Iron Lake
Under the new IronCrest branding, the owners aim to establish a low-density private community that leverages the site’s unique topography. Marketing materials describe the vision as a long-term stewardship approach, with a focus on immersive landscapes shaped by the quarries and wooded areas.
Most recently, Phillips served as an Executive Vice President at Freddie Mac, the According to Yahoo!Finance, he was released from that position in March 2025. During his time working at the U.S. Treasury from 2017 to 2019, Phillips oversaw policy for financial institutions and capital markets.
Before that, Phillips held positions for decades at some of the largest financial institutions in the world, including senior management roles at BlackRock, where he was a member of the Operating Committee, and Morgan Stanley, where he led the global Securitized Product Group.
Craig S. Phillips Credit: United States Treasury
A self-described lifelong golfer, Phillips is also a founding member of Old Barnwell golf club and a member of Winged Foot Golf Club in New York, the latter of which has hosted multiple United States Open Championships over the past 97 years.
The acquisition is the third such purchase of a golf course in Marion County in the past four months. In November, the Links at Spruce Creek South was sold for $14,913,311. In October, the Country Club of Ocala was acquired by Heritage Golf Group for millions of dollars.
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