A plan proposed in a bankruptcy court filing by the owner of River Bend’s Golf Cub in Chester, Va. would donate a conservation easement on the land in exchange for credits, which could have value in excess of $4 million, that could be sold to satisfy creditors.
Pros Inc. Buys Independence GC
The firm purchased the 260-acre daily fee golf club in Midlothian, Va., from the VSGA Foundation for an undisclosed price. Though no specific plan has been generated, the new owner plans to take advantage of non-golf amenities at the club to drive more revenue.
River’s Bend GC Files for Bankruptcy
The Chester, Va., golf course filed for Chapter 11 bankruptcy protection on September 8 to forestall an auction of the property over unpaid taxes. Owner Ronnie Kelley is working on a deal with private investors to put a marina on the golf course’s mile of riverfront property that would provide cash to pay off debts. The 177-acre golf course remains open.
Grand View CC On the Market for $7.5M
The public nine-hole golf course in Leominster, Mass., sits on 191 acres, 70 of which are developed, and includes a clubhouse with two banquet rooms, a restaurant, and maintenance facility. In Chester, Va., a forced auction has been set for September 9 to sell off River’s Bend Golf Club due to years of unpaid taxes.