Oakmont golf courses officially on the market
The search for a new owner for Oakmont’s golf courses and restaurant moved forward with an April 2 public posting of a request for offers at an asking price of $4.8 million.
The Oakmont Golf Club (OGC) “was actively offered for sale through the Leisure Investment Properties Group of Marcus & Millichap,” Golf Club President Gary Smith said in a message to club members.
Only those vetted by Marcus & Millichap will be granted access to the offering memorandum “and then under rigid requirements controlled through a confidentiality agreement,” Smith said.
He said sale notices went “to perhaps hundreds” of prospects. “In recent weeks, we have passed along a number of potential parties whose interest has been expressed directly to the board or the general manager.”
Since last spring, the OGC has sought financial assistance from the Oakmont Village Association (OVA), claiming among other things that the cost of operating Oakmont’s golf courses should be shared, in part, because residents benefit from valuable services like water drainage and maintenance of open space.
Oakmont Village board members earlier declared they were open to finding a way to keep local control of golf course land to minimize a possible drop in real estate values. Whether that support includes an effort to buy the courses is unclear.
OVA President Steve Spanier said Oakmont board directors and Treasurer Elke Strunka would each sign Marcus & Mllichap’s confidentiality agreements in order to view the offering memorandum.
“Meanwhile, we’re continuing many other due diligence activities to understand whether OVA should make an offer on the property,” Spanier said. “These include running detailed financials to determine the effect of various offers and funding strategies on Oakmont residents and engaging a golf-property-knowledgeable broker (at no cost to Oakmont, even if we purchase OGC) to help us determine whether, and if so how, we should offer.”
At the conclusion of the OVA board’s April 16 meeting, it will hold a town hall on golf issues, around 3 p.m., in the Berger Center.
The OGC board is required to submit all offers to its 260 members. At least 60 percent must vote to approve any sale. Offering firms may include golf club management companies, real estate developers and others, including the OVA. The OGC board has stated that an ideal buyer might be a small consortium of high-net-worth individuals with a vision for what the club could be.
An unrestricted notice and overview of the offering is online at www.leisurepropertiesgroup.com/golf-courses-for-sale-united-states/.