West Bank officially became owner of Glen Oaks Country Club, West Des Moines, Iowa, on Thursday as the winning bidder at a sheriff’s sale of the golf course and clubhouse property, records show.
According to The Des Moines Register, the bank is owed $8.3 million in loans made on the property to the country club’s previous owners. West Bank listed a bid of $5.25 million for country club property-a nationally recognized golf course, 46,000-square-foot clubhouse, pool and related facilities. County tax records show that the property, which was developed during the early 1990s as a key piece of Iowa’s first gated golf community, has a $5.9 million assessed value.
Bank officials have tried to sell the property since July, when they initiated foreclosure proceedings after the country club defaulted on $7.8 million in loans. The bank hired a management firm headed by longtime professional golfer D.A. Weibring.
Bank executives have said they intend to sell the property but chose to operate the facility in hopes that the value of the club would increase as the national recession wanes.
The course will host the Principal Charity Classic stop of the PGA Champions Tour on June 1-6. This year’s event will be the ninth time in 10 that the course has hosted the senior-tour event.
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