Oaks Christian High School Sells Shares

Business Wire, May 25, 2001

Business Editors

SANTA MONICA, Calif.--(BUSINESS WIRE)--May 25, 2001

National Golf Properties, Inc. (NYSE:TEE) today announced that one of its affiliated stockholders, Oaks Christian High School, a non-profit organization, has sold 1,175,000 shares of its common stock of the company for $26.92 per share through Merrill Lynch & Co. and its affiliates, as underwriter.

The company has an effective registration statement dated Oct. 18, 1999 covering these shares filed with the Securities and Exchange Commission and has filed a prospectus supplement to permit the sale of the shares. The proceeds from the sale are for the account of Oaks Christian High School. Accordingly, the company will not receive any of the proceeds.

A copy of the prospectus relating to the sale of the shares may be obtained from Merrill Lynch & Co. at World Financial Tower North, 4 World Financial Center, New York, NY 10080.

National Golf Properties is the largest publicly traded company in the United States specializing in the acquisition and ownership of golf course properties with 145 golf courses geographically diversified among 23 states.