Tag: course sold

After buying a golf course a decade ago, a Texas school district might flip it due to rising costs

“Maintaining the golf course has become increasingly costly, creating a financial strain on the district.”

Back in 2014, the La Joya Independent School District near McAllen, Texas — just a few miles from the Mexican border — purchased Martin Valley Ranch Golf Course for the price of $5 million and converted it into Howling Trails Golf Course.

In recent years, neighbors have noticed the conditioning of the course has slipped and then came word earlier this year that the district was looking to unload the property.

Golf course neighbor Roy Martinez told KRGV-TV last summer that he’s fine with the sale, as long as the space is maintained at a golf course.

“Maybe the new owner will take better care of it,” Martinez said, adding that he worries new owners would turn the land into something else.

“As long as they keep the contract right, the 25 years, I’m happy with that no matter who buys it,” Martinez said.

Martinez is referring to the purchase contract of the property, which states the land must remain a golf course for at least 25 years.

But some think it’s possible that the area could be converted into something other than a golf course, and those who live in the half-dozen 55-plus communities in the surrounding area are worried it could change their quality of life.

In a statement to Channel 5 News, the district said they’re working with legal and real estate experts to sell the course without violating their contract.

“Maintaining the golf course has become increasingly costly, creating a financial strain on the district and diverting funds that could better support educational programs and student services,”  the district said in the statement.

The golf course opened for play in 1984.

This Jack Nicklaus-designed Las Vegas golf course that features replica holes just sold for $30.5 million

The course sits in the swanky neighborhood of Summerlin on the city’s west side.

Bear’s Best in Las Vegas was a novel idea from the start — a desert-based golf course with 18 of Jack Nicklaus’ favorite holes that he’d designed on more than 200 other golf courses.

The course sits in the swanky neighborhood of Summerlin on the city’s west side, not far from the Red Rock Canyon National Conservation Area.

But the golf course, according to the Las Vegas Review-Journal, has been sold for $30.5 million.

More: Where to play golf around Las Vegas; Golfweek’s Best public-access courses

According to the story, the manager of the new company that made the purchase has plenty of familiarity in the area.

The buyer is Mulligan Holdings LLC, which is headquartered in Las Vegas, but has California-based businessman Andrew Pascal listed as a manager. Pascal is the co-founder and CEO of PlayStudios, an online gaming and gambling app and website.

Pascal previously was president and COO of Wynn Las Vegas from 2003-10, according to his LinkedIn profile. Also named as one of the managers of Mulligan Holdings is Mike Mixer, who is the chairman and former executive managing director and co-founder of the Colliers International Las Vegas office. The company provided the following statement via email to the Las Vegas Review-Journal.

“We will continue to prioritize the golf experience for our daily players and want to thank the incredible team that has made Bear’s Best one of the premier golf courses in the Las Vegas Valley. As we prepare for the next chapter, we look forward to redeveloping Bear’s Best into a world-class golf club, and social hub for the surrounding community, while further elevating Las Vegas as a globally recognized golf destination.”

Ready to make a break from the casinos or hectic pace of the Las Vegas Strip? If you’re looking for the top golf courses around Sin City, Golfweek’s Best has you covered.

Golf course near Pebble Beach that Jim Nantz called ‘spectacular’ has sold for almost $10 million

The Jack Nicklaus-designed track is a 6,673-yard, par-71 golf course, which carries a 73.7 course rating and a slope of 143.

A private golf club that sits less than 15 miles from Pebble Beach along the Monterey Peninsula was sold for nearly $10 million, according to a story in the Monterey Herald.

The Club at Pasadera was purchased from a group of local investors by Concert Golf Partners. The Jack Nicklaus-designed track is a 6,673-yard, par-71 golf course, which carries a 73.7 course rating and a slope of 143.

CBS Sports broadcaster Jim Nantz, who purchased a home in the area more than a decade ago, had high praise for the course.

“The Club at Pasadera is one of the underrated gems of California golf,” said Nantz. “The club and course are absolutely spectacular.”

(Photo courtesy Concert Golf Partners)

This marks the first California purchase for the Florida-based Concert Golf Partners, which now owns 33 properties, including The Club at Longview in Charlotte, N.C.; The Club at Renaissance in Ft. Myers, Florida; White Manor Country Club in Philadelphia; and The Muttontown Club on Long Island, N.Y.

“We’re thrilled to welcome The Club at Pasadera, a perfectly crafted golf course and premier club located in one of golf’s elite global destinations, into the Concert Golf family,” said Concert Golf Partners Senior Vice President Jordan Peace. “Our commitment to safeguarding the rich heritage of this club aligns seamlessly with our overarching mission.”

Here’s more from the Herald:

The Club at Pasadera golf course and country club is the centerpiece of the 565-acre, 250-home Pasadera Community. It opened in 2000 at a cost of $42 million, and was bought 10 years later by HNA Group, a Chinese conglomerate, for about $7.5 million after the original owners, Pasadera Country Club, LLC., filed for Chapter 11 bankruptcy. It had been in discussions with the Trump Organization about a possible sale, though the deal fell through in December 2008 over loan conditions and the threat of lawsuits. In late 2018, a group of local investors purchased Nicklaus Club Monterey for about $3.2 million and renamed it The Club at Pasadera.

(Photo courtesy Concert Golf Partners)

Judge rules that this Tillinghast-designed Pennsylvania municipal golf course can be sold off

The course was established in 1921 and designed by celebrated golf course architect A.W. Tillinghast.

ERIE, Pa. — Erie Golf Club could have a new owner by this time next year.

Erie County Judge Marshall Piccinini approved Millcreek Township’s petition Monday to sell the 160-acre, 18-hole public golf course. On Tuesday, township supervisors voted unanimously to seek an appraisal on the property, the next step in selling the golf course.

“Once we get the appraisal, we will begin the process to put a bid package together,” said Mark Shaw, township solicitor.

The appraisal will come from Golf Property Analysts, a Conshohocken-based company, and cost the township $15,000 with a $9,000 retainer.

The township has owned Erie Golf Club since 2009, when it acquired the course, located at 6050 Old Zuck Road, in a deal with the city of Erie. The course was established in 1921 and designed by celebrated golf course architect A.W. Tillinghast.

A private business, 7637 Enterprises, operates the course under a five-year contract that expires at the end of the 2024 golf season. The township receives $37,000 annually as part of the deal, but expects to run a deficit of about $160,000 on the Erie Golf Club over the five years due to costs related to repairs and other capital expenses.

In addition, the course needs millions of dollars worth of improvements, including a new irrigation system, according to Ashley Marsteller, the township’s director of parks and recreation. Marsteller testified during a hearing on the petition.

“Our current operations contract ends at the end of (next) year and that’s the date we are fixing on (for a sale to be completed),” Shaw said.

Proceeds from any sale of Erie Golf Course must be allocated to the township’s parks and recreation department and not placed in the township’s general fund, Piccinini said in his order approving the petition.

Three golf courses in this North Carolina resort beach town have flipped ownership, hotel might be added

Ownership plans to invest millions in updates and improvements to the golf courses and facilities.

Sea Trail Investments LLC has acquired the Rees Jones, Willard Byrd, and Dan Maples golf courses and commercial property in Sea Trail, a resort in North Carolina that sits less than an hour from Myrtle Beach, completing a years-long effort to revitalize the development.

According to a news release, Robert Hill and Donald Bean, co-owners of Riptide Builders, and Parker Smith, owner of Golf Trek, are partners in Sea Trail Investments LLC.

Here are five things to know about the recent acquisition.

Sea Trail Investments also owns other properties in Sea Trail

Sea Trail Investments LLC is working to revitalize Sea Trail, developing new residential, commercial, and recreational properties within the community. In March, Sea Trail Investments acquired the Sea Trail Convention Center, which has been dormant for several years, a 15-acre adjacent tract of land, and the Village Activity Center.

With Riptide Builders leading the effort, Sea Trail Investments has made significant improvements to the community, including renovating the Sea Trail Convention Center with state-of-the-art upgrades. The convention center is scheduled to re-open in early December.

Sea Trail Investments has added a new partner

Upon the acquisition of the golf courses, Sea Trail Investments also added a new partner, Sandesh Sharda, and formed a new limited liability company, Sea Trail Golf Resort. Sharda recently purchased the Rivers Edge golf course in Shallotte and is in the process of acquiring The International Club of Myrtle Beach.

The partnership with Sharda encompasses the golf operations, convention center, the future hotel and resort amenity site, and the resort rental program.

New owners have a host of plans to revitalize the Sea Trail Convention Center in Sunset Beach.

Sea Trail Golf Resort in North Carolina was acquired by Sea Trail Investments LLC. (Wilmington StarNews file photo.)

Plans for the Sea Trail community include a hotel

The 150-room resort-style hotel will be located on the 15-acre tract of land adjacent to the convention center. Additional plans for the tract include a state-of-the-art driving range featuring top tracer technology, and a practice and entertainment facility.

East Coast Golf Management has been hired to manage the golf courses. According to the news release, the company, based in Murrells Inlet, South Carolina, will manage “all aspects of golf course operations, including food and beverage,” and will be instrumental in managing the convention center. The golf courses’ new owners have provided East Coast with the budget to hire additional personnel and purchase new equipment.

Golfweek’s Best: Top public and private courses in North Carolina

Golf courses will see significant upgrades

Sea Trail Golf Resort plans to invest millions in updates and improvements to the golf courses and facilities, including a complete renovation of the Jones Byrd Clubhouse. The clubhouse renovations are expected to be completed by March 2024.

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Florida-based company purchases another golf course, raising total to nine

A Florida-based company owns nine courses, with 13 total courses under its management portfolio.

A Florida-based company that purchased three golf courses on the state’s west coast in the spring is at it again, this time with the purchase of a country club in Sarasota.

According to a story from our network partner the Sarasota Herald-Tribune, Coral Investment Group, along with its partner ITG Group, bought the Misty Creek Country Club for an undisclosed amount, which brings the number of golf courses owned by the company to nine, with 13 total courses under management by Coral’s hospitality management portfolio.

“Our strategy is to continue growing our golf business along the I-75 corridor between Naples and Tampa,” Lee Weeks, chief operating officer at Coral Hospitality, said in a release. “Of course, if other sites become available, we will certainly consider those opportunities as well.”

Here’s more from the story:

The purchase of Misty Creek Country Club followed the April announcement that Coral investments Group had purchased Calusa Lakes Golf Club, Waterford Golf Club and Capri Isles Golf Club in the Venice area.

Known for its hotel and resort management, Coral’s other golf properties in Florida and Georgia include Arrowhead Golf Club, Eagle Ridge Golf Club, Misty Creek Country Club, Jacaranda West Country Club, Riverwood Golf Club, Rosedale Golf and Country Club, Brasstown Valley Golf Course, Georgia Veteran’s Golf Course and Wallace Adams Golf Course.

Misty Creek Country Club is the only golf course in Southwest Florida that is “entirely in a 350-acre wildlife preserve,” according to the company.

The course was designed by Ted McAnlis in 1985 and is open to the public and offers several levels of membership.

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This former Ohio course of the year has been sold and could be turned into housing

The group that purchased the golf course asked to remain confidential until the sale closes.

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ASHLAND, Ohio — A golf course that was named the Ohio public golf course of the year just 15 years ago is in danger of being permanently closed after a recent auction.

Mohican Hills Golf Club was sold for $2.43 million last week through an online auction held by Kaufman Realty. There were 91 registered bidders. Tim Miller was the realtor/auctioneer. The auction went well, according to Miller, who said the group that purchased the golf course asked to remain confidential until the sale closes.

The 18-hole public golf course is between Cleveland and Columbus and was designed by Jack Kidwell and Mike Hurdzan.

A spokesman at the Ashland County Auditor’s Office said it could take anywhere from a month to six weeks before the transfer is complete.

The property was purchased in November 2022 by Joseph Shrock of Shrock Premier Custom Construction of Loudonville with plans to develop housing on more than 226 acres.

Shrock said he never intended to keep the property as a golf course, but when he developed another property further south near Belleville, he decided to re-sell Mohican Hills and hoped the new owners would keep it as a golf course.

The property was maintained as a golf course through the spring and early summer.

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