SOURCE: Bob Rosenthal
The California property will now be called The Club at Pasadera, after a group of local investors bought it from HNA, a Chinese conglomerate. The new owners of the 18-year-old property say they will “restore and rejuvenate the club to its former greatness, [with] a significant investment in everything from golf course maintenance to furniture.”
A group of local investors is taking over the Nicklaus Club-Monterey golf operation in Monterey, Calif., station KSBW 8 of Salinas, Calif. reported. And along with the new ownershio, the club is getting a new name: The Club at Pasadera.
The new owners of the property, which features the only Jack Nicklaus Signature golf course on the Monterey Peninsula is comprised of a group of all-local investors, KSBW reported. The group includes entrepreneur Ted Balestreri along with Dr. Craig Geiler, William Hines, Rohit Khanna, managing member Chris Laver, Tom Maher, Michael Maidy, Michael McMillan, David Milligan, Tom Rohrs, and attorney Bob Rosenthal.
The investors are not revealing the price they paid for the property, but Rosenthal told KSBW that it was less than the $42 million it cost the original developers to build the course in 2000.
Rosenthal also said the investors were able to take advantage of a great situation because the previous owners—a Chinese conglomerate known as HNA—has fallen on hard financial times and is anxious to liquidate many of its assets.
The new owners are moving quickly to change the club, KSBW reported. They’ve hired Colin Moody as Executive Chef, who previously held the same position at Monterey Peninsula Country Club in Pebble Beach, Calif.
The new owners say they plan to focus on making other changes. In a written statement, managing member Chris Laver said, “Our goal is simple: Restore and rejuvenate everything at the club to its former greatness. That means a significant investment in everything from golf course maintenance to furniture, the facility and landscaping, all backed by a dedicated commitment to give members, their families and guests, wedding planners and special-event organizers a world-class hospitality experience.”
The property’s history dates to the late 1700s, when it was settled by Spanish missionaries from Mexico on land named Rancho Laguna Seca. As part of what then was Alta California, in 1821 it fell from Spanish rule to Mexico until the end of the Mexican-American War in 1848.
|The property was purchased in 1953 and transformed into a sizable thoroughbred horse farm and renamed Laguna Seca Ranch. It was then developed as Pasadera Country Club, with the new golf course as the centerpiece of a 565-acre, master-planned Pasadera community.|
In 2013, Pasadera Country Club was rebranded as Nicklaus Club-Monterey, and in 2015, the HNA Group assumed majority control of the club.
The club also features a 38,000-sq. ft. clubhouse designed in an early-California hacienda, courtyard-style theme.