Green Valley sells for $2.2 million

Green Valley Country Club in Greenville, SC sold last week for $2.2 million, according to Hilda Allen, who brokered the deal. It was a hybrid sealed bid offering.
The Kaplan family, which owns a local business, acquired the course from Bank of Travelers Rest. The bank had previously foreclosed on the course, which had $2.3 million in debt.
“It was a lot more than the bank expected,” Allen said. “There were four bids and they were all capable of closing.”
The Kaplans plan to convert Green Valley back into a private-only club by spring.
“We are thrilled to become the new owners of Green Valley and look forward to using our financial stability and business acumen to re-establish Green Valley as one of the premier clubs in the area,” said James R. Kaplan in a statement.
The golf course, which opened in 1958, was planned to be an Augusta National for South Carolina. It was designed by George Cobb, and owned by Liberty Life Insurance Co. into the 1970s.
It was renovated in 2001, but a loss of members forced it to open to public play in recent years. It reportedly lost two-thirds of its approximately 300 private members in a two-year period.
The Kaplans hope to add a fitness area within the club and add an outdoor dining option, in addition to hiring a golf course architect to develop a long-term course improvement plan.
Hilda Allen Real Estate has closed on seven golf courses in 2011, Allen said.
“I have been much busier than I have ever been,” she said. “I am wondering if I will ever get caught up, so many people want to sell. But there are buyers.”
Hilda Allen Real Estate recently listed three resorts in western North Carolina, and others in Atlanta and Virginia.
“I think we have not seen everything that will get sold,” Allen said. “There will be a lot of fall out, especially if people don’t get financing soon.”

She has three pending sales that she expects to close in August.  

Add new comment

If you enjoyed this article and would like to sign up for a FREE digital subscription, click here!