Chattanooga businessman Henry Luken, who bought the property at an auction nine years ago for $950,000 (plus six percent sales commission), is shopping it for $3.4 million. Though some would like to see the 63-year-old golf course keep going, Luken says the “highest and best use of the property is not for a golf course.”
The 137-acre Valleybrook Golf and Country Club in Hixson, Tenn. is now being eyed for purchase by several different groups, Chattanoogan.com reported.
Chattanooga businessman Henry Luken, who bought the property at an auction nine years ago for $950,000 (plus six percent sales commission), is shopping it for $3.4 million, Chattanoogan.com reported.
He said a Florida group is eyeing it along with some groups in Chattanooga, but no deal has been worked out.
Though some would like to see the 63-year-old golf course keep going, Luken told Chattanoogan.com the “highest and best use of the property is not for a golf course.”
He said the homeowners group at Valleybrook probably would be the most interested in keeping their golf course amenity and added the course “is making money and it could make even more.”
On the other hand, Mr. Luken noted told Chattanoogan.com there is a real scarcity of available homes locally, leading to greatly escalating home prices in recent times. And he said the group that can work out an acceptable deal with him will be free to do as it pleases with the property as long as it can get all the needed approvals.
A sales piece for the Valleybrook property shared by Chattanoogan.com says the course was built and designed in 1959 by course architect Charles “Chic” Adams. The course is one of the oldest in Chattanooga and has hosted nine PGA Tour events and other national tournaments. It is semi-private, and plays 6,713 yards from the gold tees. The country club was renovated in 2013 and hosts multiple gatherings, events & parties every year.
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