Members voted 296-to-1 to sell the club to an investor group led by Steve Kerr, owner of Colorado National Golf Club.
Fox Hill Country Club, Longmont, Colo., is back in business as a private club, following a vote of the members earlier in February, reports the Bounder Country Business Report.
Members voted 296-to-1 to sell the club to an investor group led by Steve Kerr, owner of Colorado National Golf Club, said Stu Horsfall, an investor. He declined to say how much the investors agreed to pay for the club.
The foreclosure amount owed to Mile High Banks is $3.9 million, according to the Report.
The club had gone into foreclosure proceedings and was scheduled to be sold on April 27 by the Boulder Public Trustee’s office. Horsfall said that the investor group has a tentative agreement with Mile High Banks and expects the sale to be completed by the end of February.
Horsfall said the new investor group is “well-capitalized,” adding that one of the troubles that plagued the club previously was a lack of money to pay for improvements.
Fox Hill was developed in 1972 by Phil Skrbina. The club’s 18-hole golf course, tennis courts, swimming pool and clubhouse sit on 134 acres.