Wanna Buy a Golf Course?

Ironbridge is for sale.

Ironbridge Golf Club features one of Colorado's most dramatic courses. And it could be yours.

Located between Glenwood Springs and Carbondale, the 10-year-old, 533-acre community—comprising a 7,224-yard Arthur Hills design, clubhouse, family recreation area (replete with swimming, tennis, etc) and 118 remaining homesites—is being auctioned off June 28.

New York-based Sheldon Good and Co. will receive sealed bids for the property as part of the Chapter 11 bankruptcy reorganization of L.B. Rose Ranch, a subsidiary of Lehman Bros., the investment banking giant whose 2008 bankruptcy filing ranks as the largest in U.S. history.

With 280 members and a course that ribbons through some of the most scenic terrain in the state, Ironbridge generates more than $1.1 million in annual revenue. For the last two years, it has offered public tee times for $69 and new members have paid nothing to join and monthly dues around $300.

According to the Good press release, Ironbridge’s residential community features 316 ready-to-build lots (198 of which have been sold) ranging from 4,000 to 40,000 square feet.  Infrastructure is complete on 57 of the remaining 118 lots.  The other 61 lots can either be redesigned or built out to the specifications of the approved PUD. The club and its assets represent an immediate opportunity for an investor, developer, or golf club operator to acquire them individually or purchase the entire property.

“Under the right leadership, Ironbridge will become a major destination for golf enthusiasts and home buyers looking to purchase residences in an established community set against some of the most beautiful scenery the Mountain West region has to offer,” said Sheldon Good  CEO John Cuticelli. “The offering provides tremendous flexibility to prospective buyers for the GolfClub and remaining home sites with the ability to leverage the immediate upside potential they provide.”

Cuticelli's  firm hasn’t appraised the property. The bids will establish the market for the operation. Separate bids will be accepted for the undeveloped home lots and the golf course, though it would make more sense for a single buyer to acquire all the assets.  While there is no minimum bid, L.B. Rose Ranch reserves the right to decline the top bid if it is deemed too low.

The deadline for delivering the bids to Sheldon Good & Company is June 28, 2013 at 3:00 pm Mountain Daylight Time. Sheldon Good & Company, 488 Madison Avenue, Suite 201, New York, NY, Attn: Ironbridge Project Manager. For information about the sale, please call 800-516-0012 or visit www.Ironbridge.Sheldongood.com for more information.

 

Colorado AvidGolfer is the state’s leading resource for golf and the lifestyle that surrounds it. It publishes eight issues annually and proudly delivers daily content via www.coloradoavidgolfer.com.