The Stillwater, Minn. property currently has two written offers—both from developers. Howard Nicholson, son of the former owner, who is now deceased, has been working to keep Stillwater Oaks a golf course, something he said his dad wanted.
A seminar planned to pique the interest of possible investors in Stillwater Oaks Golf Course in Stillwater, Minn. has been canceled, the White Bear Press of White Bear Lake, Minn. reported. The trustee for both the real estate and the golf course operation, Security Bank & Trust Company, made it clear the trust will not be hosting a meeting later in September.
The property was put up for sale at the end of August (https://clubandresortbusiness.com/stillwater-oaks-gc-listed-for-2-3m/) and Bill Kuhlmann, Senior Vice President and trustee for the property, told the Press the golf course has two written offers, both from developers, as of September 11. “We have seen no other offers,” Kuhlmann said via e-mail.
The late Robert Nicholson, who owned the 146-acre golf course when it was called Sawmill, created a trust held by his widow Marian before he died, the Press reported. Upon her death, the property distributes to their beneficiaries in equal shares. That includes the six Nicholson children.
Kuhlmann explained that the day-to-day decision making is made by the trustee, subject to court supervision, the Press reported. “If people dislike any decision, they can go to court. But the Nicholson children have no say in the operations whatsoever.”
Offers for the property must be court-approved to consummate the sale, the Press reported.
“We’re hoping it’s sold,” Kuhlmann said. “It will remain a golf course if the buyers so choose. It’s their decision to make.”
Robert Nicholson’s son Howard has been working to keep Stillwater Oaks a golf course, something he said his dad wanted. He told the Press last week two “big money guys” have indicated strong interest in buying the property and continuing it as a golf course.
“They’re willing to meet the $2.3 million asking price,” Nicholson said.
Kuhlmann told the Press that figure is from a pre-COVID appraisal done 18 months ago.
“We actually went out there at $3 million,” he said; noting it was a “starting point” for negotiation.
“Howard told us a third offer is coming in,” Kuhlmann added. “A couple other groups have expressed some interest.” Time is of the essence, he noted. “We are trying to finalize a sale because decisions have to be made soon for the golf course to prepare for next season—if it will be operated as a golf course. As of this moment, we have not seen an offer from someone who intends to keep it a golf course. That might change. We need to see something in writing.”
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