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.