The property near Pinehurst, N.C. includes a 1,200-acre lake, golf courses designed by Ellis Maples and Arnold Palmer, and an historic clubhouse.
Hilco Real Estate of Northbrook, Ill. has announced the upcoming bankruptcy sale of Woodlake Country Club in Vass, N.C. on March 26. The company’s Hilco Real Estate Auctions, LLC unit was retained in bankruptcy proceedings to sell the property, which includes a 1,200-acre lake, two world-class golf courses and a portfolio of residential lots that are available for development.
Woodlake is a gated community in the Sandhills region of North Carolina, located near Pinehurst, Fort Bragg and Fayetteville. Set along US-1, the property provides convenient access to the Raleigh/Durham International Airport, as well as employment opportunities and entertainment options within the Research Triangle.
The property’s centerpiece is an expansive 1,200-acre private, man-made lake, the largest of its kind in North Carolina. The lake is bordered by two championship golf courses: the Woodlake-Maples Course designed by Ellis Maples, and the Woodlake-Palmer designed by Arnold Palmer.
The Maples course is considered one of the most challenging in the Southeast, with a USGA rating of 73.4, and has played host to the Carolinas’ PGA Match Play Tournament. The par-72 Palmer course offers fair and challenging golf for all levels of play.
The offering also includes over 600 lots, including 113 lots that are buildable for luxury residences, and a 21.6-acre development parcel located near the center of the property that Hilco says is potentially ideal for the construction of a full-service boutique hotel, to provide “stay and play” opportunities for visitors and guests.
The property also includes the Historic Oates House, which served as Woodlake’s clubhouse, including a full-service restaurant with commercial kitchen, pro shop, banquet facilities and management offices. The landmark building was constructed prior to 1800 in Fayetteville, then relocated to Woodlake and restored.
Woodlake Partners, LLC, the owner of Woodlake Country Club, filed for Chapter 11 bankruptcy protection in September of 2014. As part of the bankruptcy proceedings, the court appointed Richard Hutson II, Esq. as Chief Restructuring Officer to oversee the process.
Explaining his decision to sell the property in its entirety, Mr. Hutson said, “In an effort to identify a new owner that has the ability to make the necessary capital investments into Woodlake [and] thereby preserving the value of the community, we elected to implement a national accelerated marketing program. We believe that by selling the property in this manner, we will be able to reach a national market of buyers, which will ultimately have a positive long-term impact on the owners and staff at Woodlake.”
The live auction event will be held on site on March 26, 2015. Registration will begin at 11 am, with the auction commencing at noon. To participate in the auction, bidders are required to provide certified funds in the amount of $100,000 as earnest money.
Interested buyers can tour the property on February 26, March 5, 12 and 19 between 11:00 am and 2:00 pm.
“This property is well suited for an owner developer that can pick up where the current owner left off,” said Jeffrey Azuse, Senior Vice President of Hilco Real Estate. “Discerning buyers will immediately see this as an exceptional value-add opportunity.
“With the potential to be on par with other golf destinations in the Southeast, the sale of Woodlake Country Club represents a once-in-a-lifetime opportunity for the owner/operator, investor or developer to name their price on this hidden gem,” Azuse added.
A detailed Virtual Data Room is available for the property, containing specific information, an explanation of the auction process and the Terms of Sale. To obtain access to the Virtual Data Room, interested parties should contact the Project Manager at (888) 260-5893.
For more information about qualifying to bid and further details about the property as well as other properties available at auction, interested parties can also visit www.HilcoRealEstate.com.