Saturday, April 17, 2010
Bath golf course on auction block
No surprise here...........
The boom is over for golf, real estate, country clubs and overpriced amusement.
It's time to look at alternative ventures to make money.
Golf is a hard sell.
Your gracious host,
The Bath Country Club is headed for the auction block, after its owner defaulted on its mortgage payments.
Savings Bank of Maine has foreclosed on the 117-acre property and plans to auction it on April 13, according to The Times Record. Jason Marco and Shawn Arsenault, doing business as BCC Holdings Inc., bought the property from Harris Golf Inc. in 2006 for $3.4 million, and the country club is currently appraised at $3.84 million. The amount BCC Holdings owes on its mortgage was not disclosed.
Savings Bank of Maine plans to place a minimum bid on the property, and if no other buyer tops that bid, the bank will move forward with a traditional sale. In the meantime, the 18-hole course will stay open, according to the paper.