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    5524 Pennington Place

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Fords Colony Country Club in Williamsburg is Up For Sale

Update March , 2012

Prudential has received multiple bids,  some of which were not acceptable for different reasons. Prudential is now at a point where they, along with their broker, will start to clarify their understanding of the remaining bids to determine if one or more meet their requirements. If it turns out that none of the bids satisfy Prudential’s requirements, then they will retain ownership for a while longer. If one is acceptable, then the parties will enter into a “letter of intent” agreement and the potential buyer will start their “due diligence” process.

Prudential Commercial Property Holding Company (Prudential) assumed club ownership upon Ford’s Colony Country Club (FCCC) exiting bankruptcy. Prudential’s business portfolio does not include operating country clubs and from the start, they made their intentions for selling FCCC known to FCCC membership.

At the end of 2011 Prudential contracted with Marcus & Millichap, a realtor specializing in the sales of golf course and country clubs, to pursue the sale of FCCC.

 

What is $9,950,000 That’s the price being asked  for Ford’s Colony Country Club, Alex. Almost half of what was owed on the property in April of 2010 when it filed for  bankruptcy. Prudential  Financial named  Affiniti Golf as the new manager in May of 2011 as they emerged from chapter 11 proceedings.Affiniti was brought on to improve the golf courses, the members’ experience, and the financial performance of the club prior to marketing the club for sale.

imageThe club is being marketed by National Golf & Resort Properties Group, a division of Marcus & Millichap Real Estate Investment Services.

In it’s sales description is notes “ Essentially, Ford’s Colony lost its identity during bankruptcy/foreclosure, when the allure of revenue growth through increases in public play led to membership discontent. The membership base has fallen from an approximate 1,050 high to a current 749 members. It should be noted that they did add  51 new members since June of 2011.

Country ClubOffered for sale are the 30,000 square foot club, featuring a 5 diamond award winning
dining, a state-of-the-art golf academy, and a pro shop that has continually been rated No. 1 in the Mid-Atlantic, 54 Holes of Championship, Dan Maples Golf

45 additional building lots are offered separately at an additional cost.  REO Lots Available at Additional Price.

This has been a painful process for the Country Club and it’s members.

it is important to note that  the Ford’s Colony Country Club has no financial ties to the Home Owner’s Association. The majority of homeowners in Ford’s Colony do not belong to the Country Club.

Read more about the Ford’s Colony Community here

Read more about the case here

Like what you are reading ? Want to receive updates by email in the future ? Sign up here  banner psst … I’m a Realtor! Thanks for stopping by my website. I  would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com  and Mr Williamsburg.com were created as a resource for folks who are exploring a move to  Williamsburg, VA , Hampton Roads VA and the  surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities,   condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New KentPoquoson, and Gloucester, VA as well as surrounding markets of Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia

You can reach John by email John@MrWilliamsburg.com or phone @  757-254-8136

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