It’s Official: Golf Courses on the Market

Last Updated: 04-02-19

(Updated April 6 with plans for town hall forum April 16)

]im Brewer

Oakmont’s golf courses and restaurant were officially listed  for sale on April 2 for an asking price of $4.8 million.

“Today, at 8:00 am EDT, Oakmont Golf Club was actively offered for sale through the Leisure Investment Properties Group of Marcus & Millichap,” OGC President Gary Smith said in a message to club members. “Public information is intentionally limited so don’t be disappointed there isn’t more information.”

Only parties vetted by Marcus & Millichap will be granted access to the Offering Memorandum “and then under rigid requirements controlled through a confidentiality agreement,” Smith said.

Sale notices went “to perhaps hundreds” of prospects, Smith said. “In recent weeks, we have passed along a number of potential parties whose interest has been expressed directly to the board or the general manager.”

Since last spring, the OGC has sought financial assistance from the OVA, claiming among other things that the cost of operating Oakmont’s two golf courses should be shared in part because residents benefit from valuable services like water drainage and maintenance of open space.

At a March 5 workshop, OVA directors joined President Steve Spanier in declaring they are open to finding a way to keep local control of golf course land to minimize a possible drop in real estate values.  Whether that support includes an effort to buy the courses is unclear.

OVA President Steve Spanier said Oakmont directors and Treasurer Elke Strunka would each sign Marcus & Mllichap’s confidentiality agreements in order to view the offering memorandum.

“Meanwhile, we’re continuing many other due diligence activities to understand whether OVA should offer on the property,” Spanier said. “These include running detailed financials to determine the effect of various offers and funding strategies on Oakmont residents and engaging a golf-property-knowledgeable broker (at no cost to Oakmont, even if we purchase OGC) to help us determine whether, and if so how, we should offer.”

Spanier announced April 5 that he OVA Board will hold a town hall on golf issues at the conclusion of its regular April 16 board meeting. The town hall will start at about 3 p.m., in the Berger Center.

The OGC board is required to submit all offers to its 260 members. At least 60 percent must vote to approve any sale. Offering firms may include golf club management companies, real estate developers and others, including the OVA. The OGC board has stated that an ideal buyer might be a small consortium of high-net-worth individuals with a vision for what the club could be.

Smith said that while much of the sale information is confidential, an unrestricted notice and overview can be found at https://www.leisurepropertiesgroup.com/golf-courses-for-sale-united-states/