Three years after eight homeowners purchased the Coeur d’Alene, Idaho club, the property is debt-free. In 2012 through 2013, the club added 42 new members and 27 real estate transactions, reduced initiation fees significantly, and recently spent about $200,000 remodeling its pool bar and lounge without assessing any additional fees.
Three years after eight homeowners purchased the clubhouse and golf course at The Golf Club at Black Rock, the club is back in the black, the Kootenai County North Idaho Business Journal reported.
“Some people lost a lot of money, no doubt about that,” said Rod Rummel, President of the Coeur d’Alene, Idaho club. “I’ve been here since day one and when we threw in to pick this thing up, we tried to bring it back to what it was.
“Sure everyone took a haircut, but we said let’s leave it at that and move on.”
In 2012 through 2013 the club has added 42 new members and logged 27 real estate transactions in the community, the Business Journal reported.
“We committed to our membership that the club would remain debt free,” he said. “We have accomplished that.”
At its peak, the club had more than 250 members, but those members were required to own real estate in the Black Rock community to be eligible for membership, Rummel said.
When the new investors took over after the former owner, Marshall Chesrown, turned his development over to Washington Trust Bank, they terminated those memberships and invited the members to reapply, the Business Journal reported.
The new memberships do not require land ownership in the community. Under the old ownership, Black Rock exclusively sold the properties within its gates, the Business Journal reported.
“We invited outside real estate firms to get involved. Now it’s all private sector real estate transactions up here,” Rummel said. “There is no real estate play for our investor group.”
Another thing that helped prop up club membership was reducing membership prices, Rummel said. The old initiation fees were $125,000 up front and monthly dues of $750. The new initiation fees range between $25,000 and $35,000 up front with monthly dues of $1,000, the Business Journal reported.
Membership gives access to the clubhouse with all its amenities, a private beach, a summer camp for kids and the golf course designed by course architect Jim Engh, the Business Journal reported.
The 30,000-sq. ft. clubhouse has a pool, tennis courts, fitness facilities, a spa, plus food and drinks, the Business Journal reported.
“It’s all inclusive except for the golf carts, and no tipping allowed,” said Randy Folk, Director of Sales and Marketing. “We don’t want anyone to open their wallets while they are up here.”
The club recently spent about $200,000 remodeling its pool bar and lounge area without assessing any additional fees on the membership, the Business Journal reported.
“Our investor group is committed to keeping this facility a five-star private club,” said Folk. “I’ve been to many other clubs and with the amenities in this building, the golf course and then you throw in the lake, what more can you ask for?”
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