The Santa Rosa, Calif. club has been seeking financial assistance from the Oakmont Village Association for the past year, claiming that the cost of operating its 36 holes of Ted Robinson-designed golf courses should be shared, because of mutual benefits that are gained. The Association Board has said it is not dismissing the idea of making its own offer to buy the club. Sixty percent of the club’s 260 members must approve any sale.
The search for a new owner for Oakmont Golf Club (OGC) in Santa Rosa, Calif. and its restaurant moved forward with an April 2 public posting of a request for offers at an asking price of $4.8 million, the Kenwood (Calif.) Press reported.
OGC “was actively offered for sale through the Leisure Investment Properties Group of Marcus & Millichap,” Golf Club President Gary Smith said in a message to club members, the Press reported.
Only those vetted by Marcus & Millichap will be granted access to the offering memorandum “and then under rigid requirements controlled through a confidentiality agreement,” Smith said.
Sale notices went “to perhaps hundreds” of prospects, Smith added. “In recent weeks, we have passed along a number of potential parties whose interest has been expressed directly to the board or the general manager,” he said.
Since last spring, the OGC has sought financial assistance from the Oakmont Village Association (OVA), claiming among other things that the cost of operating Oakmont’s golf courses should be shared, in part, because residents benefit from valuable services like water drainage and maintenance of open space, the Press reported.
Oakmont Village board members earlier declared they were open to finding a way to keep local control of golf course land, to minimize a possible drop in real estate values, the Press reported. Whether that support includes an effort to buy the courses is unclear.
OVA President Steve Spanier said Oakmont Board Directors and Treasurer Elke Strunka would each sign Marcus & Mllichap’s confidentiality agreements, in order to view the offering memorandum, the Press reported.
“Meanwhile, we’re continuing many other due-diligence activities to understand whether OVA should make an offer on the property,” Spanier said. “These include running detailed financials to determine the effect of various offers and funding strategies on Oakmont residents, and engaging a golf-property-knowledgeable broker [at no cost to Oakmont, even if we purchase OGC] to help us determine whether, and if so how, we should offer.”
At the conclusion of the OVA Board’s next meeting on April 16, it will hold a town hall on golf issues, the Press reported.
The OGC Board is required to submit all offers to its 260 members, the Press reported, and at least 60 percent must vote to approve any sale. Offering firms may include golf club management companies, real estate developers and others, including the OVA.
The OGC board has stated that an ideal buyer might be a small consortium of high-net-worth individuals with a vision for what the club could be, the Press reported.
An unrestricted notice and overview of the offering is online at www.leisurepropertiesgroup.com/golf-courses-for-sale-united-states/.
The listing includes this description: “Oakmont Golf Club features 36 holes of golf designed by Ted Robinson and expansive golf practice facilities with a seven-acre double-ended driving range, two putting greens, chipping/pitching area and two practice bunkers. Additionally, the club has two clubhouses, casual and upscale dining, a ballroom, four meeting rooms and exceptional banquet facilities. Oakmont Golf Club is situated in the Valley of the Moon adjacent to the Mayacama Mountains in the Sonoma Valley Wine Country.”