Real estate investor Victor Ballas purchased the Garland, Texas property at auction, and said he will wait for the sale to settle before committing to a plan for the land. About $2.4 million of the sale will go to the club’s debtors, including a $500,000 buyout of a group of equity members who helped save the club from bankruptcy in 2006.
Eastern Hills Country Club in Garland, Texas sold for $4 million in an auction outside bankruptcy court on April 15, the Dallas Morning News reported.
The club, established in 1954, has been padlocked since the beginning of the year with the exception of open house Sunday afternoon events for members to claim personal belongings, the Morning News reported.
Real estate investor Victor Ballas, the new owner, said he will wait for the sale to settle before committing to a plan for the land. He noted that the former golf course property near the western edge of Lake Ray Hubbard would be a fit for high-end housing, the Morning News reported.
About a dozen offers had been taken prior to the court’s acceptance of a $3.9 million contract from H&M Eastern Hills, LLC, with an opening for a higher and better offer at Thursday’s hearing. Three potential buyers were present Tuesday, with only Ballas stepping forward to make the $4 million minimum bid to take over the deal, the Morning News reported.
About $2.4 million of the sale will go to the club’s debtors, including $500,000 buyout of a group of equity members—people who put up money to help save the club from bankruptcy in 2006, the Morning News reported.
C&RB reported on the property’s closure earlier this year (“Residents Forlorn Over Loss of Eastern Hills CC”).