Stallion Mountain acquired for $3.8m, getting prepped to be reopened

Steve Kerr, who purchased Colorado National Golf Club in 2009, has acquired two more courses over the past four months — Fox Hill Country Club in Longmont, Colo. and more recently Stallion Mountain Country Club in Las Vegas.
 
Stallion Mountain was developed and owned by Bill Walters until it fell into foreclosure and closed abruptly in 2008. The bank, Community Bank of Nevada, tried to sell the course at an auction, but bids were insufficient. The FDIC then assumed ownership in 2009 after it took over Community Bank.
 
Kerr's Tartan Golf bought the course for $3.8 million from the FDIC. 
 
O.B Sports will manage the course and get it back into shape for a Fall opening.
 
“We are working on the course, cleaning up now,” said Kris Strauss, vice president of sales and marketing at O.B. Sports. “We will have some limited play this summer for potential members and a grand opening after overseeding in September.”
 
In February, Kerr pulled together an investor group that included Matt Schalk, general manager of Colorado National, and an unnamed group of Fox Hill members to acquire Fox Hill.
 
The private club had been in foreclosure, with $3.9 million owed to Mile High Bank. The course had been scheduled to sell at auction in April. The sale amount was not disclosed. It reopened in March.
 
Fox Hill was developed in 1972 by Phil Skrbina. The club's 18-hole golf course, tennis courts, swimming pool and clubhouse sit on 134 acres.
 
Kerr first jumped into golf course ownership in 2009 with the purchase of Vista Ridge Golf Club. He renamed it Colorado National and made it the official course for the school’s golf team. Kerr played on the Colorado golf team while a student at the university. Colorado National will host an NCAA women's regional in 2012.

Comments

I was the listing broker and some information is incorrect. Walters sold the course to a TIC and remained one of the share holders of the TIC. Thae bank foreclosed but did not expect to sell at the foreclosure sale. There's a lot of confusion about foreclousre sales. Often, as was the case here, the bank was the only bidder and they had someone else there to bid the asset up in case another bidder was present. They bid low for assessed value reasons. In addition, the bank turned down a qualified offer of 7 million for the course several months before the bank was closed by the FDIC.

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