The new owner of Chevy Chase Country Club, Glendale, Calif., plans to upgrade the facility and continue operating it as a golf course, with no plans for resale or changes to the use of the 35-acre property, reports the Glendale News Press.
Chase Oak Co. had owned the rights to a $5-million loan given to the club’s former owner, JJ Lee Management Co., which defaulted on payments in 2008 and filed for Chapter 11 bankruptcy protection in June, according to court documents. Chase Oak foreclosed on the property Nov. 20 after a federal judge removed a stay blocking the action.
The new owners, which purchased the property for $6.5 million, plan to invest in upgrading the facility, perhaps including landscaping improvements and changes to its locker rooms.
The club currently has 300 full members.
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