Superstition Mountain courses to be sold at auction by lender

The Superstition Mountain Golf and Country Club in Gold Canyon, Ariz., with its two Jack Nicklaus-designed 18-hole courses, will be sold at auction to the highest bidder in a foreclosure sale scheduled for March 19 at the Pinal County Superior Courthouse in Florence, Ariz.
The sale is being initiated by lender John Deere Credit, which is owed approximately $26 million by the property’s developer, the Lyle Anderson Companies, and the LLC it formed, Superstition Mountain LLC.
The property has hosted a number of high profile events, including the Safeway International on the LPGA Tour circuit for the past five years. This year, due to Superstition Mountain’s financial woes, the Safeway tourney will be held at Papago Park Golf Course in Phoenix.
The Superstition Mountain foreclosure sale is not the Lyle Anderson Companies’ only recent casualty. The company has also recently lost control of other golf course properties it developed, including Loch Lomond in Scotland, Las Campanas in New Mexico and Hokuli’a in Hawaii. Anderson has said that his company still retains residential development rights at those properties and hopes to reinvigorate those ventures with new equity partners or financing.
MCA Financial Group in Phoenix is the court-appointed receiver for the property, which is currently being operated for MCA by OB Sports. Keith Bierman, senior managing director for MCA, told the East Valley/Scottsdale Tribune that John Deere Credit has the option of either accepting the highest bid or, if not satisfied with that bid, purchasing the course for a higher amount.


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