Transactions, october 16, 2015

     Not long ago I was asked if I file a report on every golf course sale. If you’re wondering the same thing, the answer is no. Not by a long shot, in fact. I probably cover about half of the transactions I come across.

     St. Francisville, Louisiana. Two lawyers have purchased one of Louisiana’s top golf courses, and they hope to take it into the “top 30 or so courses in the country.” Kenneth M. Carter and Richard “Jerry” Dodson bought the Bluffs Golf Resort, the centerpiece of a community called the Bluffs at Thompson Creek, from Claude Penn, who put it on the market in 2009. “I do believe that the Bluffs on Thompson Creek can become one of the finest golf destinations in the country, if not the world,” Carter said in a press release. The Bluffs features an 18-hole, Arnold Palmer-designed track that Ron Whitten of Golf Digest believes is “perhaps the best of any Palmer design.” The price hasn’t been announced, but the Advocate reports that Penn was hoping to get $6.5 million for the course and $3 million for the clubhouse.

     Las Vegas, Nevada. Let the broken hearts stand as the price you’ve gotta pay: Badlands Golf Club has been sold, and its new owners are reportedly laying plans to turn its 220 acres into “an urban community” with 2,000 or more houses. Badlands, which opened in the mid 1990s, features a 27-hole complex that was co-designed by Johnny Miller and Chi Chi Rodriguez. EHB Companies, a tight-lipped local development group, declined to discuss its plans for the club with the Las Vegas Review-Journal, and the newspaper apparently had to twist arms to learn that the sale took place “sometime over the past six months.” EHB was, however, willing to submit a financial report to the city indicating that Badlands “is losing about $2 million a year” and “has been for a few years.”

     Hilton Head Island, South Carolina. Fast-growing Brown Golf Management has acquired the first golf course built at Hilton Head Plantation. The Bluffton-based company paid an undisclosed amount for Dolphin Head Golf Club, which features an 18-hole, Gary Player-designed track that opened in 1974. “The golf course is very good,” John Brown told the Island Packet. “I think it’s one of Gary Player’s best.” The Packet says that Brown has added six golf properties to its inventory in 2015 and aims to add two more before the year ends. All told, the company owns, manages, or leases 23 golf properties in six states, with the largest number of holdings in South Carolina (seven) and Pennsylvania (eight). Brown, which has been working on the purchase of Dolphin Head for nearly a year, considers the venue to be “the premier club” in its portfolio.

     Ceres, California. Putting an end to what’s been called a “protracted and complicated transaction,” Ken Thornberry and some partners have purchased the financially struggling River Oaks Golf Course from members of the Phipps family. The price hasn’t been disclosed. River Oaks’ 18-hole layout was designed by its original owner, Jim Phipps, and opened in 1979. Thornberry plans to spiff up the course -- “It’s been grossly neglected,” he told the Ceres Courier -- and add an amphitheater and events center in an effort to generate fresh revenues.

     Yuma, Arizona. Less than a year after more than three dozen of its customers were victimized by credit-card fraud, Mesa del Sol Golf Course has new owners. Eagle Golf has sold the 18-hole, Arnold Palmer-designed course to Steve Olafson and his wife, Shannon Mason, who’ve initiated what appear to be overdue upgrades. “The first thing we’re doing is getting the sprinklers working again and getting the grass trimmed the way it’s supposed to be trimmed,” Olafson told the Yuma Sun. “Our first goal is to make the course playable again.” Mesa del Sol was Palmer’s first course in Arizona. Since it opened, in the late 1970s, he’s added four others.

     North Plains, Oregon. Escalante Golf has acquired its first golf property in Oregon. The Fort Worth, Texas-based firm paid an undisclosed price for a controlling interest in Pumpkin Ridge Golf Club, a 23-year-old complex in suburban Portland that features a pair of 18-hole courses (one public, one private) that were co-designed by Bob Cupp and John Fought. The property has hosted several coveted amateur and professional events, including the Women’s U.S. Open championships of 1997 and 2003. “Pumpkin Ridge’s strong tournament heritage, impressive architectural pedigree, beautiful setting, and outstanding national reputation make it an ideal addition to our family,” the company’s president said in a press release. Escalante owns 16 other golf properties, half of them in Florida and Texas.

     Bunnell, Florida. The bankrupt Grand Reserve Golf Club, the centerpiece of a community outside Palm Coast that consists of just six houses, has been purchased by its long-time operator. Capstone Golf, which has managed Grand Reserve since it opened, in 2008, reportedly paid $1.3 million for the 18-hole track. Capstone owns two other golf properties in Florida, St. Augustine Shores Golf Club in St. Augustine and Wedgefield Golf Club in Orlando. It says that Grand Reserve, which was co-designed by Mike Beebe and Bill Amick, is “perfect for beginners yet challenging enough for more advanced players.”

     Honolulu, Oahu, Hawaii. Due to what’s been described as “a change in business plans,” the Japanese owners of Hawaii Kai Golf Course have agreed to sell their operation to a local investment group. Atsugi Kokusai Kanko Hawaii, Inc., which has reportedly owned Hawaii Kai for more than three decades, is selling it to a group led by Guy Yamamoto, the general manager of the nearby Mililani Golf Club. Pacific Business News, which broke the news of the sale, didn’t report a price. Hawaii Kai, a 27-hole complex, has been around since the early 1960s. According to its website, it features an 18-hole, William F. Bell-designed course and a nine-hole, par-3 layout created by Robert Trent Jones. Yamamoto and his partners will also assume a lease on the underlying property, which is owned by Kamehameha Schools. According to PBN, the parties expect to close on the transaction by the end of the month.

     Easton, Pennsylvania. Club at Morgan Hill has new owners and a new identity. Sal and Maria Lapio, who acquired the property in March 2015, now call the place Morgan Hill Golf Course. Morgan Hill, which features a Kelly Blake Moran-designed course that opened in 2004, is the Lapios’ third golf property. They also own Mainland Golf Course in Harleysville and Bella Vista Golf Course in Gilbertsville.

     Oconomowoc, Wisconsin. The receivers in control of Rolling Hills Country Club have accepted $1.3 million for the 119-year-old property. A local investment group led by Frank Romano made the offer for Rolling Hills, which opened as Lac La Bell Country Club and appears set to soon assume an identity close to its original name. “We’re very excited about the possibilities of La Belle Golf Club,” Romano told Lake Country Now. “We know about the history of the golf course and how popular it once was. Our goal is to bring that glory back to the place.” Romano is a longtime player in the Milwaukee area’s golf business. Through various entities, he owns Blackstone Creek Golf Club in Germantown, Fire Ridge Golf Club in Grafton, and Scenic View Country Club in Slinger.

     Sterling Heights, Michigan. A home builder has purchased Maple Lane Golf Club, and you can guess what that inevitably means. But until Moceri Companies figures out the mix of residences that it wants to build at Maple Lane -- a process that will apparently take “several years” -- the property’s 54-hole golf complex will continue to operate. Maple Lane was established by Carl Roehl in the mid 1920s, and Crain’s Detroit Business says that Moceri, which describes itself as “Michigan’s legendary dream builder,” has been building houses, condos, and apartments on the course’s perimeter since the early 1960s.