But members of the 92-year-old club west of Philadelphia, which is listed for the scheduled sale on October 17 at $3.65 million, are trying to buy the remaining real estate note from the current owner, Southern Financial Group LLC. “We are still in business and we are doing OK,” said one Board member.

The Coatesville (Pa.) Country Club is slated to be sold at a sheriff’s sale on October 17, with the listing price of $3.65 million, reported the Daily Local News of West Chester, Pa. But a club representative said members are still trying to work out a solution with its current owner, Southern Financial Group LLC of Dallas, Texas, that would allow the club’s future to remain in members’ hands.
“We are still in business and we are doing OK. Hopefully, we can come up with a solution with [Southern Financial],” said Bruce Korn, a Board member and former President of the club, which is located 45 miles west of Philadelphia, told the Daily Local News.
According to Korn, over the years the property has been owned by several banks, the Daily Local News reported, most recently by First Niagara Bank before ownership changed hands yet again to Southern Financial.
“Southern Financial wants to get the maturity of the investment, get out of the deal and put the property up for foreclosure,” Korn told the Daily Local News. The club submitted an offer to buy out the remainder of the existing real estate note, and Korn said he is confident Southern Financial will approve an offer that will keep the club open and operating without interruption.
“We are in serious negotiations,” Korn said, adding that the club would benefit from the purchase by seeing a reduction in its mortgage rate.
The Coatesville CC property is more than 100 acres and, in addition to an 18-hole golf course designed by Alexander H. Findlay, includes a restaurant, one-story building, barn and 30,000-sq. ft. clubhouse. Deed restrictions prevent homes from being built on the property, the Daily Local News reported.
According to the Golf Association of Pennsylvania, the club opened as a nine-hole course in 1921, the Daily Local News reported
The club has struggled in the past six or seven years, Korn told the Daily Local News, and changes and difficult decisions had to be made, but it was able to keep its doors open.
“We are challenged as a small club, but we are doing better,” he said. “We want the opportunity to stay in business, and to not go into foreclosure.”