Real Estate Developer Buys Penobscot Valley CC in Maine

Larry Springer, a longtime real estate developer, recently purchased the Orono, Maine club. Springer will lease the property to Resurrection Golf LLC, which will continue to operate the golf course and clubhouse. Proceeds from the land sale went toward paying off past debts owed on the property.

A longtime real estate developer recently bought a country club just outside of Bangor, Maine.

Larry Springer told the Bangor Daily News he purchased the Penobscot Valley Country Club in Orono, Maine in March. While Springer confirmed he is the new owner of the golf course, he declined to disclose the final sale price of the property.

The course’s previous owner, Penobscot Valley LLC, and its operator, Resurrection Golf LLC, had been looking for a new owner since 2020, the Bangor Daily News reported.

Springer told the Bangor Daily News he took an initial look at  when it was listed for sale and was interested, but the property was tied up as another investor negotiated a deal that ultimately fell through.

Springer told the Bangor Daily News he made an offer when he saw the property was still available, he said.

As part of the sale, Springer agreed to lease the property to Resurrection Golf, which will continue to run the golf course and clubhouse, the Bangor Daily News reported. When he first looked at the property, Springer said he thought about leasing out just the golf course, but ultimately felt this was the best move.

While not a golfer himself, Springer told the Bangor Daily News he might start learning the sport on his new property. He explained the real reason behind the investment was to help Resurrection Golf clear past debts owed on the property. Proceeds from the sale went toward paying off debt, the Bangor Daily News reported.

“All I did was make an investment and bought it, and hopefully they’ll do well,” Springer said. “I see the value there and the property is beautiful. I want them to succeed, that’s for sure.”

Sean McCarthy, the course’s operations director, told the Bangor Daily News in March that a significant amount of holdover debt tied up the company’s ability to continue to improve the golf course. Under the new arrangement, the path is clear for Resurrection to continue to make improvements to the course, the Bangor Daily News reported.

For now, McCarthy told the Bangor Daily News that he and his team are focused on improving the course’s turf and bunkers, and expect to make other improvements under the new ownership arrangement.

“Both parties are interested in the property, being an important one in the Orono area,” McCarthy said last month. “We’re both of the same mindset that we want to make sure that we can continue to have that gem up there in Orono.”

The course was designed by famed golf course architect Donald Ross in 1924 and has been a golfing destination in the area ever since.

Penobscot Valley LLC acquired the golf course from Harris Golf Inc. in 2017. Harris Golf had not paid its property taxes to the town of Orono since 2015, the Bangor Daily News reported.