Golf Courses For Sale Nationwide

Property #GOLF470. Request more information
• California Golf Course Development
• Ranch Distressed Asset Acquisition Opportunity
• Senior Housing and Healthcare Campus around existing Golf Course
• California

PURPOSE

• $5,500,000 Capital Investment to facilitate the acquisition through a foreclosure sale for 370 acres improved with a 232 acre golf course, Master Plan on 130 acres for up to 500 units for senior housing including assisted living and independent living and 8 acres for public use all situated on a scenic river and the Golf Club.

DESCRIPTION

• The Golf Club had a 2010 YE NOI of $221,000 with 41,000 rounds. The As Is value of the golf course is estimated to be $5,000,000. The cost to build the course was approximately $7,500,000 six years ago. With the high number of rounds played, the primary investor may increase green fees to reduce the number of rounds but increase the profitability. The primary investor has entered into a Purchase and Sale Agreement for the golf course under very favorable terms.

• The 130 acres of residential lot development land is in the County of Madera Master Plan Subdivision for residential lots. However, the county has expressed a preference for Assisted Living and Independent Living units on the site.

• The primary investor is searching for an equity partner for the property acquisition, and to develop the property under their own plan.

BACKGROUND

• The Ranch is a 370 acre property which is one of several ranchland parcels totaling over 6,000 acres formerly owned by a developer. The entire 6,000 acres was purchased in 1988 as an investment and was operated as a cattle ranch until 1997 when its initial subdivision was undertaken. Using municipal bonds, the developer constructed the Golf Club on approximately 180 acres of the subject 370 acre Ranch project.

• Today, the golf property is profitable and is rated the top public course in all of central California by ESPN. The club hosts many tournaments and is well-respected among golf professionals.

• The balance of the subject property consists of;

• 1. 130 acres designated for single family lot development around the golf course and river under the County Area General Plan. No Specific Plan has been filed or approved.

• 2. 8 acres for public use

• The bonds used to construct the Golf Club were issued by Pacific Genesis in San Francisco in 1997. They were the initial improvements of a series of bonds to be sponsored by Coombs and the SFPUD over time to bring the single family lots to market. Because the lots surround the golf course and overlook the beautifully scenic River, lots could bring premium prices. Or, the project could be directed toward active adult living or senior assisted living facilities.

THE FORECLOSURE

• A New York bank, as bond trustee, has cooperated to the maximum extent of its ability. It has now filed a formal Notice of Default and is moving toward foreclosure on all the property, including a large ranch home. On February 16, 2006, The primary investor entered into an exclusive agreement with SFPUD to acquire clear title to the Golf Club. The primary investor will cooperate in the foreclosure so as to receive clear title free of any encumbrances or unknown liens.

• The primary investor is likely to be the only bidder at the foreclosure auction.

• The local Public Utilities District has been engaged to provide sponsorship for the infrastructure by way of a tax exempt bond issue. The primary investor has reached agreement with SFPUD to provide that sponsorship, and, as a result, has paid the imminent county tax bill for the District in order to avoid a tax sale auction. The tax sale payoff has been secured with a lien against all future golf course revenue and a purchase option on the golf course property.