NEW BERN, North Carolina — The River Bend Country Club went on the market for $1.3 million in September, but is still open for business.
The listing includes the 18-hole golf course, clubhouse and pro-shop, bar-and-grill, restaurant, tennis courts and swimming pool.
“The golf course has a convenient location to hundreds of homes around it and easy access for tourists from the historical city of New Bern. It is a very ‘player friendly’ course which allows golfers to have fun and also allows many rounds to be played from a business revenue standpoint,” said Brett Miller, owner of Miller Management Associates Inc.
Though it has only been on the market for two weeks, Miller said River Bend Country Club has generated substantial interest from both in and out of state.
The golf course was built in 1977 and purchased and taken over by new owners Jim Hoffman and Frank Fragale in 1999. Under their management, the entire property saw over $1.6 million in repairs.
Recent reviews of the course have rated its conditions to be unfavorable, citing the greens as their main complaint.
“It used to be a fun course with good greens. Now it is a rough course with awful greens,” read one review from May 15.
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The course was originally built in 1997. Larry Goodwin became owner in 2017, however the country club filed for Chapter 11 bankruptcy on March 3, 2020. Chapter 11 bankruptcy allows a company to reorganize their debts while still staying in business.
Bankruptcy is not uncommon in the world of golf course ownership, as financing is the biggest obstacle, Miller said.
“Most courses are purchased with private equity, not bank loans. Some courses are making a profit when purchased and then others become profitable when their facilities are updated and they have proper management,” Miller said.
In 2008, the sport of golf took a hard hit when people could no longer afford memberships and disposable incomes dwindled.
New Bern saw this trend first-hand when the Carolina Pines Golf & Country Club closed in 2016 due to a lack of golfers and disinterest in club membership. The 109-acre property was valued at $1.67 million when it was closed.
The popularity of tee-times may be on the rise, however, as the National Golf Foundation reported that three million people took their first swing in 2020, a record number. As of 2020, there were 16,100 golf courses in the U.S.
The golf course market is feeling the effects of increased popularity.
“Golf course sales, much like residential and other commercial properties, have skyrocketed in the last year. People see golf facilities as a ‘pandemic proof’ investment—they did not have to close down,” Miller said. “Over 57 million more rounds of golf were played in America last year over 2019 and current trends show 2021 as a record year as well.”
Miller’s company, based out of Fletcher, NC, has already sold eight courses with two pending this year including The Pines in Elizabeth City.
The Pines Golf Club sold for $1.2 million and like River Bend’s property includes an 18-hole course, clubhouse, events center, pool, pro-shop and dining.
The average days on the market for a course used to be six months to two years, but now it is less than 90 days to one year, Miller said.
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He said that the dynamics of the golf course business model are changing with the times. Now, more diverse activities are being offered at successful courses, other than just golf.
In addition to the golf course, the property has a restaurant, tennis courts and swimming pool.
“Golf facilities are now being known as multi-recreational facilities,” Miller said.
Having events that the “whole family” can enjoy like fitness classes, disc golf, live music and festivals help modern courses thrive.
Miller, who has operated Miller Management since 1996, said that he sees potential in the River Bend Country Club.
“We have seen many courses with the same model and in similar size regions be the focal point of the community and prosper,” Miller said.
Growth and Development Reporter Julia Masters can be reached at jmasters@gannett.com or 828-318-3108.
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