Map Features: Toggle satellite/topo layers, click holes for details, see property boundary, clubhouse location, and gold tunnel. For 3D flythrough, download the KML files and open in Google Earth.
Contour Lines: 10ft interval (248 lines) for detailed golf routing, 20ft interval (117 lines) for general overview. Clipped to 177-acre property boundary. Major contours (every 100ft) shown in red.
| Address | 191+/- ACRES Off Hwy. 136 Highway, Dawsonville, GA 30534 |
|---|---|
| Alt Address | 87 Eagle Creek Farm Drive |
| Counties | Dawson County + Lumpkin County (spans both) |
| MLS # | 20165465 |
| Owner | Jacob Malherbe, Winter Garden, FL |
| 2020 Purchase Price | ~$1,262,316 total |
| Asking Price | $4,584,000 ($24K/acre) |
| Dawson County Avg | ~$30K/acre (this is below avg) |
| Agent | Victor Dover |
|---|---|
| Phone | 706-864-2600 |
| Brokerage | Dover Realty & Investments Inc |
A river flows through it.
| Location | Coordinates | Notes |
|---|---|---|
| Gold Tunnel | 34.4483, -84.0494 | 1,233 ft through granite, 240' mountain above |
| Castleberry Bridge | 34.473, -84.037 | Upstream access, River Mile 140 |
| GA 136 Bridge | 34.409, -84.020 | Downstream, River Mile 132 |
Dawson County - 105 acres
| Parcel ID | Acres | Class | Value | Notes |
|---|---|---|---|---|
| 100 004 001 | 80 | V5-Consv Use | $304,100 | Main parcel, CUVA enrolled, shop building, tunnel & river |
| 100 004 | 25 | R4-Residential | $163,710 | Triangle north of main |
| Subtotal | 105 | $467,810 |
Lumpkin County - 72.36 acres
| Acct # | Acres | Class | Value | Notes |
|---|---|---|---|---|
| 18957 | 31.26 | A5-Ag | $293,990 | Woody Tucker Rd, irregular shape |
| 1623 | 19.20 | A4-Ag | $238,186 | Hwy 136, strip along road |
| 17938 | 21.90 | A4-Ag | $268,018 | Hwy 136, peninsula shape |
| Subtotal | 72.36 | $800,194 |
Total Malherbe Holdings
| Component | Acres | Value |
|---|---|---|
| Dawson County | 105.00 | $467,810 |
| Lumpkin County | 72.36 | $800,194 |
| TOTAL | 177.36 | $1,268,004 |
MLS listing advertises 191 acres but only 177.36 acres confirmed via county GIS records. Possible explanations: listing rounded up (~8% inflation), survey differs from tax records, or small sliver parcel under different name.
Recommendation: Request survey from seller before offer.
Verified 5/5/2026 via GIS coordinate analysis. All 5 Malherbe parcels form one unified 177-acre block spanning both counties.
The Dawson parcel (100 004 001, 80 acres) is enrolled in Georgia's Conservation Use Valuation Assessment (CUVA) program:
IMPORTANT: CUVA is a tax program, NOT a conservation easement. You CAN develop the land.
| Parcel | CUVA? | Can Develop Freely? |
|---|---|---|
| 100 004 001 (80 ac) | YES | Pay ~$25-30K penalty |
| 100 004 (26 ac) | NO | Yes |
| Lumpkin parcels (72 ac) | NO | Yes |
| Zone | Elevation (ft) | Description |
|---|---|---|
| River corridor | 1,090 - 1,150 | Etowah River and creek beds (lowest) |
| Lower slopes | 1,150 - 1,200 | Transition areas, steep valley walls |
| Mid-slopes | 1,200 - 1,300 | Rolling terrain, some routing options |
| Upper plateau | 1,300 - 1,450 | Ridge tops, clubhouse sites |
| Total Relief | 360 feet | Very dramatic terrain |
| Slope | Classification | % of Area | Golf Use |
|---|---|---|---|
| 0-3° | Excellent | 6.2% | Greens, tees, practice |
| 3-8° | Good | 13.5% | Fairways, landing areas |
| 8-15° | Moderate | 25.9% | Rough, cart paths |
| 15-25° | Difficult | 35.4% | Natural areas only |
| >25° | Unbuildable | 18.9% | Leave as vegetation |
Playable area (0-8° slopes): ~20% - This is challenging terrain that requires creative routing.
Over 1 mile of river frontage along and through the property. Main water feature.
Additional creeks feeding through the property.
3 ponds plus a small impoundment. Natural water sources.
| Item | Status |
|---|---|
| Road System | Groomed roads throughout property |
| Shop Building | 30x45 pre-fab metal near main pond (with storage, deck) |
| Gates | Heavy wrought-iron gates (privacy/security) |
| Municipal Water | None - relies on well/creek/pond |
| Sewer | Unknown - septic required |
| Electric | Unknown - needs verification |
| To | Distance |
|---|---|
| Highway 400 | Convenient access |
| Shopping/Dining | ~10 minutes |
| Historic Dahlonega | Few minutes |
| Dahlonega Wineries | Few minutes |
| Chattahoochee National Forest | Few minutes |
| Atlanta | ~40 minutes |
Signature Hole #12 "The Tunnel": Par 3 playing directly over the historic gold mining tunnel. Nowhere else in golf.
| Stat | Value |
|---|---|
| Total Par | 72 |
| Total Yardage | 6,970 |
| Front 9 | Par 36, 3,495 yards |
| Back 9 | Par 36, 3,475 yards |
| Par 3s | 4 holes, avg 186 yards |
| Par 4s | 10 holes, avg 401 yards |
| Par 5s | 4 holes, avg 554 yards |
| Est. Course Rating | ~74.5 |
| Est. Slope | ~142 |
Tee shot from 150 feet above the green. Club selection is critical - the ball hangs in the air forever. River guards the back of the green. One of the most dramatic par 3s in the Southeast.
THE signature hole. Tee shot plays directly over the entrance to the historic gold mining tunnel - the only one of its kind in the United States with a river flowing through it. The Etowah River emerges from the mountain behind the green. Absolutely one-of-a-kind in golf.
Finishing hole climbs to the clubhouse perched above. Green is set in a natural amphitheater with seating for spectators. Demanding uphill approach rewards accurate iron play.
| Aspect | Details |
|---|---|
| Walking | Expert golfers only due to elevation. Caddies recommended. |
| Carts | Mountain carts required (steep terrain) |
| Green Fees Target | $175-250 range (comparable to mountain resort courses) |
| Season | March-November (weather dependent) |
| Unique Features | Gold tunnel tours between rounds, river fishing, historic Dahlonega nearby |
| Site | Elevation | Flat Area | Notes |
|---|---|---|---|
| 1 | 1,444 ft | 0.86 acres | Highest point, best views |
| 2 | 1,413 ft | 0.76 acres | Good elevation |
| 3 (Recommended) | 1,410 ft | 3.31 acres | Largest flat area, best balance |
| 4 | 1,403 ft | 0.51 acres | Smaller site |
| 5 | 1,402 ft | 1.07 acres | Mid-elevation |
All properties below are on the same road corridor (Castleberry Bridge Rd → Lawrence Rd → Woody Tucker Rd) leading to the main 191-acre parcel.
| Price | $1,099,000 |
|---|---|
| Acreage | 2.5 acres |
| Type | 4BR/3BA luxury home on Etowah River |
| Sq Ft | 3,407 |
| MLS # | 7526479 |
| Best Use | VIP lodging, clubhouse manager residence, premium STR |
| Distance | ~0.5 mi from main parcel (ADJACENT) |
| Price | $925,001 |
|---|---|
| Acreage | 19.9 acres |
| Type | Unimproved land with 1,000+ ft Etowah River frontage |
| MLS # | 7631230 |
| Best Use | PRACTICE FACILITY - 300-yard range, short game, putting |
| Distance | ~1.5 mi from main parcel (~5 min shuttle like Bandon Dunes) |
| Price | ~$169,900 each (two lots) |
|---|---|
| Acreage | 3.31 acres each (~6.6 total) |
| Type | Buildable residential lots, paved road frontage |
| Best Use | Spec flip, staff housing |
| Distance | ~1.0-1.5 mi from main parcel |
| Property | Price | Acres | $/Acre | Best Use |
|---|---|---|---|---|
| 338 Woody Tucker | $1,099,000 | 2.5 | $439,600 | VIP lodging / Owner residence |
| 0 Lawrence Rd | $925,001 | 19.9 | $46,482 | Practice facility |
| 1305 Lawrence (x2) | ~$340,000 | 6.6 | $51,329 | Spec flip / Staff housing |
| TOTAL ADJACENT | $2,364,000 | 29.0 |
Owner: WFDAHLONEGA LLC (Acct 2542)
Status: NOT FOR SALE (as of 5/5/2026)
Acres: 161.16
Assessed Value: $1,145,274
Adjacency: CONFIRMED ADJACENT - shares boundary with Malherbe parcels at county line. Verified via house/pond landmark visible in both county GIS systems.
Strategic Value: Combined with Malherbe = 338.52 acres. Room for 36 holes or 18 + extensive practice facility + lodging.
Action: Research WFDAHLONEGA LLC at GA Secretary of State. Consider proactive outreach / letter of interest.
| Land cost | $4.5M |
| Venue construction (barn, pavilion, infrastructure) | $1-2M |
| Total investment | $5.5-6.5M |
| Revenue potential (50 events x $10K) | $500K/year |
| NOI estimate (40-50% margin) | $200-250K |
| Cap rate | 3-4% (not great) |
| Land cost | $4.5M |
| 5 cabins @ $400K each | $2M |
| Infrastructure | $500K |
| Total investment | $7M |
| Revenue (5 cabins x $60K/year) | $300K |
| NOI | $150-180K |
| Cap rate | 2-2.5% (very low) |
| Land cost | $4.5M |
| Annual carry (taxes, insurance, maintenance) | ~$5K |
| Appreciation target (5%/year) | $225K/year |
| Timber harvest potential | TBD |
| Conservation easement value | Could recover 30-40% via tax deduction |
| Land + adjacent properties | ~$7M |
| Course construction | $8-12M |
| Clubhouse | $2-4M |
| Total investment | $17-23M |
| Revenue (green fees + F&B + memberships) | $3-5M/year at maturity |
| Founder membership pre-sales | $1-2M (capital recovery) |
Assuming you put $1M seed capital into the acquisition. Here are paths to recover it while keeping equity, membership, and parcels:
Carve out 5-7 acres of premium river frontage and sell separately.
| Price per acre (river frontage) | $150-300K |
| 5-7 acres sale | $750K-$1.5M |
| Timeline | 6-12 months (survey, subdivide, market) |
Golf club memberships before/during construction:
| Tier | Price | Quantity | Total |
|---|---|---|---|
| Founder (full equity) | $75-100K | 15 | $1.1-1.5M |
| Charter (limited) | $25-50K | 30 | $750K-1.5M |
Realistic target: 10-15 Founders at $75K = $750K-$1.1M
Sell 20-30% equity stake to investor/partner:
| $1M for 25% stake | Values project at $4M (reasonable pre-development) |
| Timeline | 3-6 months to find right partner |
The historic gold tunnel is genuinely unique.
| Sell tunnel + 10-20 acres to conservation trust | $500K-$1M |
| Risk | Might be the crown jewel you want to keep |
Combine strategies for fastest, safest recovery:
| 1. Sell 5 acres river frontage | $600-800K |
| 2. Sell 10 Founder memberships | $500-750K |
| Total recovered | $1.1-1.5M |
You keep: 186 acres, tunnel, golf course site, your own membership, majority equity
| Goal | Feasible? | Notes |
|---|---|---|
| Get $1M back | Yes | Multiple paths |
| Keep equity | Yes | Sell parcels, not % |
| Keep golf membership | Yes | You're the developer |
| Keep specific parcels | Yes | Carve out before any sale |
| Do it "quickly" | Maybe | 6-12 months realistic, not 60 days |
Only ~20% of terrain is suitable for traditional golf fairways. Significant earthwork required. Steep cart paths between some holes. May need to consider 9-hole design or executive course as fallback.
Full golf course development = $15-20M+ total. Even "simpler" uses (event venue, STR compound) require $5-7M. This is not a passive investment.
New market (Dawsonville/Dahlonega). No existing presence in Dawson County. 2+ hours from Morganton operations. Would require dedicated attention or local partner.
~$25-30K to exit the conservation use covenant on 80 acres. Speed bump, not roadblock.
Need to verify: Who owns gold/mineral rights? Any historic preservation restrictions on tunnel?
Parcel Boundary Verification: Analyzed 8 GIS screenshots from Dawson & Lumpkin County QPublic. Confirmed total acreage is 177.36 (not 191 as listed). Verified ALL 5 Malherbe parcels are CONTIGUOUS using coordinate stamps and landmark matching. WFDAHLONEGA LLC (161 ac) confirmed ADJACENT via house/pond visible in both county GIS systems. Updated interactive map with accurate parcel boundaries.
Adjacent Properties + Exit Strategy: Researched 4 adjacent properties on Lawrence Rd / Woody Tucker Rd corridor. 338 Woody Tucker ($1.1M house) is ADJACENT and could be VIP lodging. 0 Lawrence Rd ($925K, 20 ac) is best candidate for practice facility. Documented 5 exit strategies to recover $1M seed capital. Found adjacent 161-acre parcel (Lumpkin 050 003) owned by WFDAHLONEGA LLC - not for sale but worth watching.
18-Hole Course Design: Designed full championship routing - Par 72, 6,970 yards. Signature #12 "The Tunnel" plays over historic gold tunnel. #3 "River Drop" has 150ft elevation change. Course name concept: "Etowah Gold Golf Club". Est. slope ~142.
LiDAR Analysis: Processed 4 USGS DEM tiles. Key findings: 360 ft of relief (1,090-1,450 ft), mean slope 16.7° (steep overall), only ~20% suitable for fairways. Identified 5 potential clubhouse sites - Site 3 (1,410 ft, 3.31 ac) recommended.
Parcel Research: Collected QPublic data for 5 parcels (1 Dawson, 4 Lumpkin). Confirmed 178.35 acres - ~13 acres unaccounted. Discovered CUVA covenant explains $1 taxes. Owner: Jacob Malherbe, purchased 2020 for ~$1.26M total. Found shop building with storage on Dawson 100 004.
Property Discovery: Initial search and identification. Compiled listing details from Georgia MLS. Located unique gold tunnel feature (34.4483, -84.0494). Outlined potential use cases and due diligence items. Created research folder.