Earlier today, David Benda wrote the lead article in the Record Searchlight about the River Bend Golf and Country Club being for sale…I had put it on my blog when we listed it…but here is some background from David. We have it listed at $1,500,000…and any questions, or if you know a buyer, please let us know by e-mail to ronlargent@kw.com www.ronlargent.com
Here is the article for your info…
A Redding golf course that city officials once considered buying is in default.
But the owners of River Bend Golf and Country club hope they can sell the semiprivate course, which is being listed at $1.5 million, before it goes to a foreclosure auction.
Regardless, co-owner Dan Kowall is confident that the course will stay open. River Bend is off Indianwood Drive north of South Bonnyview Road.
Steve Miraglia, who holds the second note on the property, has decided to foreclose on River Bend, Kowall said.
“I knew it was coming,” Kowall said, who owns the course with his wife, Sandy. “We got to the point where there was just not enough money coming in to support the debt.”
Debt on the second loan is about $800,000. The Kowalls owe about $210,000 on the first note, which they said Miraglia recently purchased from Tri Counties Bank.
Miraglia could not be reached for comment.
“If it goes to sale, and there is not a good offer, Steve’s plans are most likely to keep it running as a golf course, and he may even hire us to run it for him,” Dan Kowall said.
Kowall met with club members and surrounding homeowners last week to talk about the situation and reassure everybody that the course is not closing.
The ideal scenario is for somebody to purchase the course for $1.5 million, which Dan Kowall said would cover the loan debt and some outstanding accounts payable.
Two years ago, city officials floated the idea of buying the course, which is surrounded by the River Bend subdivision, and turning it into a public park.
At the time, the city said it could pay between $1 million and $2 million for the golf course. But the economic downturn and its grave impact on the city’s finances nixed the idea.
The proposal also upset homeowners in the area.
Kim Niemer, the city’s community services director, spoke to Dan Kowall last week.
“Dan did call me and he gave me an update,” Niemer said. “He was kind of keeping me in the loop of what was going on. I don’t think he had any expectation that we would be a potential buyer at this point.”
Niemer reiterated Wednesday that the city is not interested in buying the course.
“At this point, our (financial) position is worse,” Niemer said.
Ironically, guest play at River Bend is up since the course started allowing public play this year.
But club memberships have fallen significantly from a peak of 400 earlier in the decade to about 150 today.
Kowall blames the economy and two failed attempts to sell the club in 2004 and 2005 for the drop-off in memberships.
“So now we are back to the point where we still have private memberships but not enough support, so basically we are allowing outside play,” Kowall said. “We are doing fine. The problem is when you have $1 million in debt to carry over every year.”
River Bend member Tom Poulson said he wishes the Kowalls well.
Poulson has been a member since the course opened in 1991.
“I hope it continues to be a golf course — I think it will,” said Poulson, who owns the Post Office Saloon & Grill in downtown Redding. “I don’t know what else it could be, to tell you the truth.”
Several years ago, the Redding Rancheria was interested in buying the golf course.
Rancheria CEO Tracy Edwards said Wednesday that she was not aware the course was in default.
“We had talked and had some discussion about buying it and it just didn’t come to fruition,” Edwards said of the tribe’s interest years ago.
So, now one knows “the whole story”, and how the economy has effected businesses across the board…even the golf business.
