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Oakmont News, Opinion & More

OGC To Be Sold

The Oakmont Golf Courses will be put on the market for sale, as revealed at today’s OVA Finance Committee meeting. Oakmont Golf Club (OGC) member Alan McLintock informed the Finance Committee that the issue had been discussed at last night’s OGC Annual Meeting.

The OGC will engage real estate broker Marcus & Millichap, a firm specializing in the sale of golf courses, to conduct the sale.

As was related to the Finance Committee, OGC has debt and mortgage of $2.8 million. There are also substantial outstanding payables due, in the range of $400,000 to $500,000. A sales price has yet to be set but will likely be in the neighborhood of $4-5 million.

A subcommittee of the Finance Committee has been formed to explore options as they may relate to OVA.

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2 Comments

  1. Gerry Gwynn on February 14, 2019 at 7:01 pm

    Yardstick ask price of $4 – $5 MM is based on recent revenue. Much of which is generated by the non-Oakmont OGC owners and the non-Oakmont general public.

    But note also that OGC says it has $3.2 MM of total debt.

    A potential buyer would either have to be willing and able (approved) to assume that debt, or plan on bringing approx. $7.2 – $8.2 MM to the table. And of course, as owner, commit to expending continuing funds for insurance, maintenance, etc.

    Who really believes that OVA has this kind of money to bailout the current OGC owners/debtors via a purchase of OGC?

  2. Thomas Hall on February 14, 2019 at 8:37 pm

    According to the statement released by the OGC, the “preferred” buyer would continue to operate the golf courses. Of course, if no such “preferred” buyer emerges, other buyers will be in the game. The value is in the land, not the golf courses. For all of those that repeatedly expressed their desire for OVA ownership, at least in part, or other pastoral uses, it’s time to fish or cut bait. Get ready for some turbulent times.

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