Bank buys Palm Desert Country Club after no bids emerge

Palm Desert Country Club, which has been closed since May, sold for $1.87 million on January 26 to its main creditor — Wilshire State Bank.

Wilshire State Bank entered a “credit bid” to set the minimum, but there were no other offers, Palm Desert Assistant City Manager Justin McCarthy told the Desert Sun. McCarthy said he considers the bank taking full possession of the golf course a positive step.The course includes 170 acres, a clubhouse and other amenities.

“It's a chapter in the story,” McCarthy told the Desert Sun. “I don't know if it's the last chapter.”

The 27-hole club opened in 1962 and was one of Palm Desert’s oldest. Residents living around the course have been worried about its future. Palm Desert Country Club purchased the course in 2005 and opened a renovated clubhouse the next year. Plans to build more houses near the course died with the real estate crash and the company declared bankruptcy in June 2009. The bank foreclosed in October.

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