REAL ESTATE

Club Memberships: For those who long for the ballyhooed Coto de Caza scene but can’t see any way to make the mortgage payments comes a way to enjoy a bit of that ol’ champagne lifestyle on a beer budget. . . . Well, more like a Dom Perignon lifestyle on a Moet et Chandon budget.

The Coto Valley Country Club, for nearly 20 years the preserve of those who lived within the private community, is now selling equity memberships to all comers (providing the current members approve, of course).

The club, which became the property of its 650 original members in settlement of a lawsuit last year, is selling the memberships to raise a solid base of operating funds.

Price, in addition to the $125 monthly dues, will be $5,000 for each of the first 50 memberships, going up in $1,500 increments with each additional 50 memberships sold to a total of 2,500 memberships, general manager Tom Howard said.

For that, members get to use all club facilities, including the Coto de Caza Equestrian Center, a shooting range, gymnasium, fitness center, youth center, swimming pool, tennis and racquet ball courts, a restaurant and lounge--plans call for a second restaurant to be built, Howard said--and private billiard and card rooms in the clubhouse.