Fords Colony Country Club Sale is imminent

Posted on August 23, 2012 by mrwilliamsburg

clubhouse entry[4] The Country Club Membership Association for Fords Colony has been notified that a Purchase and Sale agreement has been signed with an un-named party for the sale of Fords Colony Country Club in Williamsburg, VA.

The Williamsburg, Va., club filed for bankruptcy two years ago and went on the market in the spring of 2011. Its purchase price was set at $8.5 million and Affinity Golf was selected to manage the club by Prudential .

Mr. Richard Curlin at Prudential stated “ The agreement allows for a “due diligence” time period of 45 days followed by a closing time period of 30 days. So, if all would proceed according to plan, The Country Club could be under new ownership by the end of October 2012

At this time the buyer has not been announced but should be soon.

Surveyors have been working around the golf courses over the past month. They are in the process of re-affirming the boundary lines of the property in anticipation of an eventual sale. Additionally, the Marsh Hawk bunker renovation project has been delayed, awaiting the outcome of the sale negotiations. 17 Marsh Hawk[4]
Curlin has confirmed that the bunker renovation project will be specifically addressed as part of the sale contract or be undertaken by current ownership as originally planned if the sale does not go through.

Ford’s Colony Country Club in Williamsburg had filed for bankruptcy protection in April of 2012, with debts of at least $10 million.

The company listed assets worth somewhere between $10 million and $50 million. It listed its debt within the same range, according to paperwork filed in U.S. Bankruptcy Court. The bulk of the debt is owed to Prudential on a $18 million note issued in 2007 When the club first filed for Chapter 11 protection, Richard Ford explained that new memberships were down, tied to the crash in the real estate market. Discretionary spending among existing members also declined, as had tournaments and special events.

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