A California company backed by wealthy investors has purchased Gaillardia Golf and Country Club in an all-cash deal that will rid the elite golf club of its heavy debt load.
A courthouse auction to sell off Gaillardia Golf and Country Club scheduled for February was called off this week after Newport Beach, Calif.-based Concert Golf Partners revealed that it had purchased a second mortgage on the property from First Liberty Bank and reached a settlement with Gaillardia’s former owner, the Arkansas-based private equity firm Herrington, Inc.
Concert Golf had already purchased the first mortgage on Gaillardia from Bank of the Ozarks in August.
Peter Nanula, chairman for Concert Golf, declined to disclose the terms of the settlement, but said the company would almost immediately begin reinvesting in Gaillardia by making needed repairs at the clubhouse and updating its furnishings.
Repairing the clubhouse’s leaky roof, which was damaged a few years ago in a hailstorm, was one of Concert Golf’s first priorities, he said.
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