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The sale of its land at 20 Melia Place has brought in $1.5 million for the Hibiscus Coast Community RSA.
President Frank Coggan says that the land will be developed by a local father and son team.
The sale of the 5200sqm piece of land was agreed to by members in order to provide a cash injection.
The club needs the money to pay its creditors and provide options that may secure its long-term future.
The sloping site is just above the bowling club.
It is zoned residential and club president Mr Coggan says around eight homes could be built on it under the Unitary Plan provisions.
