A group of investors has purchased Glen Oaks Country Club, West Des Moines, Iowa, for $4,655,000 from West Bank, according to the Polk County recorder’s office. As part of the deal, the bank loaned the investors $3.4 million and placed a new mortgage on the 18-hole championship golf course, reports The Des Moines Register.
The sale includes the golf course, a 46,000-square-foot clubhouse, a swimming pool and related facilities, but it does not include personal property, such as equipment and furnishings, or inventory and accounts receivable. Those items were sold to the new owners separately, and neither group would disclose how much was paid for them.
The name of the new ownership group is G.O.C.C. Investments LLC. They said they would retain a management group headed by professional golfer D.A. Weibring that specializes in turning around troubled golf courses. West Bank hired Weibring’s group after taking possession of the country club last May.
Bill Kirkendall, a partner with Weibring and Glen Oaks’ acting general manager, said the new owners would make several improvements, including upgrades to the golf course and clubhouse.
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