Club president Peter Garvan yesterday said the net proceeds would ''not be huge'' because the club had heavily invested in the former AMP Building it owned since 1975 before selling it in September last year.
It has been redeveloped as the Cucina 1871 restaurant, Tees St coffee and brunch bar and function centre.
''It [the building] is now a wonderful asset for former club members to use as well as the wider public,'' he said.
In June last year, club members voted to upgrade and structurally strengthen the 1871 building from an earthquake-prone 24.3% of building code to 85% as part of the sale process.
That cost more than $115,000, including fees.
The sale also involved vacant possession for the new owners of the downstairs premises occupied by Annie's Victorian Teas, the lessee voluntarily surrendering the lease for her asking price of $100,000 (plus GST), Mr Garvan said.
Those two costs left the club with little in the way of proceeds from winding up.
Before the sale of the building, the club secured the future of the former AMP Amicus Statue sitting on the corner of the building at Itchen and Tees Sts by listing it in the Heritage Register of the Waitaki District Council's district plan.
Club members were delighted the snooker room, with its full-sized table, still included memorabilia.
Photographs and the club honours boards would also remain, he said.
