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Local Williamsburg Golf Course in trouble.

According to a public notice posted last week there is a Trustee/ Foreclosure sale schedule for the  Colonial Golf Course  on December 17th at the James City County Courthouse.

 

A spokesman has indicated that the course’s owners would buy the site back. As implausible as that sounds, it’s fairly common. Because forgiven debt is considered income for tax purposes, many corporations reorganize under new banners and buy their own debts back to avoid the increase in income. The course is partly a victim of overbuilding. Greater Williamsburg went from a few courses to more than a dozen within a decade, saturating the market. The downturn in destination travel from the recession has hurt courses as well. The land is assessed at $1.05 million, with another $2.91 million in improvements, according to the county’s property  records.

The Colonial Golf Course has received numerous recognitions from national publications, including a Golf Digest "Top 10 Virginia Course" ranking, a "Top 10 New Courses in the US" salute from Golf Magazine and a "#2 Course in Virginia" from the Virginia Fairways magazine.

The Colonial Golf Club was also Williamsburg’s first daily-fee facility and offers the only year-round golf academy in the state of Virginia. Featured are a large grass-teed practice range, an indoor teaching facility with video analysis, and a practice course with 3 regulation length holes (a par 3, 4, and 5).

Here is the Clubs website

Location map of the club.

Map picture

One Response

  1. I am a member of The Colonial. The owner is esentially buying the course back from himself for tax puropses. It will remain business as usual.

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