I.V. golf course escrow pending
From our weekly issue dated December 10, 2008
Beset by debt and the collapse of a previous bid to purchase the property, Illinois Valley Golf Course Association Inc. informed members in a letter late last week that it has accepted an offer to purchase the nine-hole course and related property for $900,000 in cash.
The offer, the board said, came from Bridgeview Vineyards Winery owner Bob Kerivan. His stated intent, following pending escrow, is to continue to operate the golf course and club house as a private, for-profit business.
“Until recently no other offers were forthcoming,” the board stated, “and given the state of the economy, real estate in general and the credit markets, we appeared to have few options left.”
Developer Larry Osborn, front man for Manor Communities Development of California, had been attempting to acquire the golf course for the past few years. Sale to Osborn for $75,000 of an option to buy the property in mid-2007 helped the struggling facility make payments, but Osborn did not follow through, or make a payment to extend his option, the association said.
The board decided that Osborn “was no longer a viable purchaser,” and the property, which was to be the keystone in an upscale housing development, had no buyer.
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Kerivan, who describes himself as a community-minded person, said that he feels the golf course is “a tremendous asset for the community.”
Although not yet final, should the deal reach the close of escrow in mid-February, the golf course association would cease to exist. However, prior to dissolution, it would distribute proceeds from the sale to pay existing mortgages, outstanding bills and refund prorated shares of prepaid memberships, according to the board’s letter.
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