Just got a text from a real estate buddy that a 9 hole golf course, which I happened to play for the first time and really enjoy a couple months ago, has recently come on the market. A few details and then I am going to look for some feedback from you guys:
- $600,000 asking price for 35 acres
-In Murphy’s, CA Located an hour east of where I live in the “foothills” of the Sierra Nevadas. Murphys is known for their wineries and is very busy in the late spring-fall For those familiar with NorCal, it’s on Highway 4 on the way to Bear Valley. Frog jumping country for you Twain fans. Tourist country, although not a gofing destination. 2 hour drive from Sacramento airport and probably 4 from Bay Area.
- Course was originally an 18 holer and opened in 1974. Designed by Trent Jones, Jr and Sr. Reduced to 9 holes in 2005. Plays to 4,800 yards if you play the nine holes twice with a par of 66
- Has faced problems the last few years financially (EDIT: lost $110k in 2018). Not sure why. Didn’t seem to market it much. No IG page, minimal social media. Website sucks. Its a stunning place visually and photographs well.
- Course name is apropos. Most holes are set in a forest with huge trees with a couple holes in a wide meadow. One par 3 reminds me of Pine Valley (the last picture below)
- Small proshop, but a nice little bar and patio area for events. It reminds me of Goat Hill with the chill outside atmosphere potential.
- Course shuts down on a daily basis depending on weather during winter. At about 2,000 feet winters are chilly but summers are pretty warm. (EDIT: Course remains open during winter for play, but pro shop and clubhouse are closed. Honor box system)
- 3 of the “old” 9 holes still exist. Not sure if that is included in purchase price. TBD. (EDIT: yes the 3 lost holes are included. See maps in thread below) Would be great for a short course or make a 12 hole course. You can see them, dried up and to the SouthEast in map below.
- Although the course is Public, it is set within a private housing development (homes only come into play on one hole) and there is a private gate and guard to go through to get there. Kind of funky.
- Great spot for weddings, events, etc.
A couple articles on the closure, so you can get a sense of how they ran memberships, etc.:
Ok…that is my summary at this point. My wheels are turning. I would not be able to do this on my own, financially so I would need to fundraise. I would keep it public but sell memberships. Course and shop probably need another $100-$200k in help. I would love to play around with some of the architecture on the course, too. Assuming I get a 50% loan, my monthly loan payment is around $2,100. Assuming I get on average 25 rounds a day at $15 (verrrrrrry conservative) that is $11k/month in green fess. That doesn’t take into account cart fees, F&B, etc.
Things I don’t know right now:
- Accurate financial summary of operations (EDIT: 2018 was ugly)
- What the exact property line is so I can see if there is extra land. (EDIT: Got it)
- What the current state of their “membership” is.
- How being inside the private housing development affects the course.
- Can I remove trees?
So…….fellow Refugees, what say you? I welcome all input and questions. Let me know what you think.