Bids are being accepted through November 21st for the 240-acre Elizabeth, Colo. property, which is expected to generate $300,000 in net income this year, according to the auction broker. Bidding starts at $900,000 and the broker expects to have multiple bidders for what’s described as “a very busy place [that’s] very popular for outside events [and is] in an area that’s booming.”
Bids began to be submitted on November 19 in an auction of Spring Valley Golf Club in Elizabeth, Colo., about 40 miles from downtown Denver, and the bidding will continue through November 21, BusinessDen.com reported.
The 240-acre property is being auctioned by Castle Rock, Colo.-based NavPoint Real Estate Group, on behalf of current owner Haynes Family Limited Partnership, BusinessDen.com reported.
Matt Call, a Principal with NavPoint, said Spring Valley is expected to generate $300,000 in net income this year, BusinessDen.com reported.
“It’s a very busy place, very popular for outside events,” Call said. “There’s a booming residential development in and around the golf course; Century Communities has started construction on 200 new homes. I think it’s a great asset in an area that’s booming.”
Bidding in the auction starts at $900,000 and requires a $10,000 deposit, Call said.
“The nice thing about an auction is that it creates certainty of transaction with a set closing date,” he said. “We have a bunch of interested parties, and we’re going to have multiple bidders.”
The winning bidder will need to provide 10 percent of the total purchase price within 24 hours, and the full transaction must close in 30 days, Call said.
Other representatives of NavPoint told a Denver television station that the course will remain an 18-hole golf course, addressing concern among residents that the land would be sold to home developers.
Elizabeth has a population of about 1,400 people, with about 80% of its residents reportedly commuting to either Denver or Colorado Springs, also about an hour away. The town is expected to see significant growth.
Spring Valley GC is about 22 miles east of Castle Pines Golf Club, which hosted a PGA Tour event from 1986 to 2006. Itopened its 18-hole, par-72 golf course in 1998, and was built on what had been part of a working cattle ranch, BusinessDen.com reported. The property includes a clubhouse, restaurant, maintenance facility and pro shop, as well as two vacant parcels adjacent to the course.
“There’s nothing built on [the parcels], but they have commercial zoning,” Call said. “One is adjacent to the entrance, and the other is on the third hole.”
Both the golf course and the clubhouse underwent a multi-million dollar renovation in 2005, according to marketing materials (https://navpointre.com/wp-content/uploads/2019/10/Spring-Valley_Teaser.pdf) provided by NavPoint for the auction, BusinessDen.com reported.
The course, which is privately owned but open to the public, plays between 5,200 yards from the forward tees and 7,200 yards from the back tees, per marketing materials, BusinessDen.com. It also features a driving range, chipping green, and putting green for practice.
Under the current ownership, golfers can purchase an annual membership for $1,925 without golf carts, or $2,530 with unlimited cart rental, BusinessDen.com reported. Non-members can play the full 18 holes for between $25 and $35.
Ronald L. Haynes, who died in 2003, formed the Haynes Family Limited Partnership and owned the cattle ranch that once existed on the site, BusinessDen.com reported. He was behind the construction of Spring Valley Golf Course, Call said.
Records show that Haynes Family LTD sold the property in 2003 to Running Creek Golf LLC, formed by James E. Marshall, for $3.8 million, BusinessDen.com reported.
The Haynes family re-acquired the property in 2010, Call said, but now that Haynes’ wife lives far away, she’s “ready to move on.”