Mickelson, for $3.4 Million,
To Get a St. Andrews View

Professional golfer Phil Mickelson agreed this week to pay $3.4 million for a membership at St. Andrews Grand, a private club and time-share residence that overlooks the Old Course at St. Andrews, Scotland.

Mr. Mickelson is buying into a century-old building -- most recently a school dorm -- that's under renovation next to the course, one of the sites of the British Open golf championships. The 35-year-old golfer, who won his second U.S. Masters championship in April, says he bought into a penthouse, four-bedroom unit at the six-story, red brick building, with a wraparound terrace and views of the first tee and 18th fairway. (Mr. Mickelson's highest finish at the British Open has been third place.)

Membership residences at the property cost between $1.3 million and $3.4 million for nine weeks reserved occupancy, the property's developer says. The prices depend on size of the residence, location and views, and include amenities such as golf-concierge services, a spa and private dining rooms. The 23 units have three and four bedrooms and range in size from 1,400 to 1,927 square feet, the developer says. (Annual club fees are not included in the residence price and cost between $26,000 and $34,700, the developer adds.) The golf course itself is public.

Wasserman Real Estate Capital LLC, led by Rhode Island-based real-estate developer David Wasserman, paid about $40 million for the property last year, he says. The University of St. Andrews, which had been using the building as a dorm, sold the property. The project is expected to be complete in spring 2008, Mr. Wasserman adds.

The Old Course at St. Andrews, which has hosted British Opens since 1873, is thought by many to be golf's birthplace, with its first golf club dating from 1754.

Broadcaster Lands Buyer

Spanish Broadcasting System's chief executive and president, Raul Alarcon, sold his home in Miami Beach's Indian Creek Village last month for $22.5 million including furnishings, 22% below the listing price he set in April. The seven-bedroom, 16,228-square-foot estate, on 1.83 acres, had a $27.5 million price tag when it hit the market, according to its listing agent. Mr. Alarcon, whose Miami company operates 20 radio stations, declined to comment.

The property comes with 200 feet of Biscayne Bay water frontage. The three-story house has a two-story library and a wine cellar. There's also a large cabana with a gym, two baths, a steam room and a sauna. Leroy Schecter -- chairman of American Strip Steel, a Kearny, N.J., processor and distributor of steel and aluminum products -- bought the home, records show.

Indian Creek Village, which has about 55 residents, is sandwiched between the Atlantic Ocean and Florida's Intra-coastal Waterway. Residents there include billionaire investor Carl Icahn and basketball coach Rick Pitino, formerly of the NBA and now at the University of Louisville. Carlos Justo, of Sol Sotheby's International Realty, had the listing. Nelson Gonzalez, of Esslinger-Wooten-Maxwell, represented the buyer.

Hunt, Fish for $32 Million

In Alabama, a well-known hunting and fishing preserve owned in the 1920s by washing-machine magnate Lewis B. Maytag changed hands last month for $32 million. Tolleson Land Investment Properties bought the 13,000-acre Sedgefields Plantation, which lies just outside of Union Springs and is one of the area's major destinations for hunters, dog handlers and other outdoorsmen. The plantation has long been home to the National Amateur Free-for-All Championship Bird-Dog Field Trial (kennels are on the premises) and the National Amateur Quail Championship, and its more than 370 acres of lakes are stocked with bass. The listing brokers -- John Watson and Rye Austin of Orvis/Cushman & Wakefield -- say Tolleson plans to preserve the land for hunting and fishing. Tolleson declined to comment.

Paul Broadhead of Meridian, Miss., the seller, bought the land in 1997 for about $14 million and put it on the auction block in 2001. Although he received bids for it, none were at his desired price, so Mr. Broadhead himself bid $17 million to keep the property, he says.

Email your comments to rjeditor@dowjones.com.