April 21st, 2010
More News About The Federal Club and the Mountain Run Development…
Below is a Richmond Times Dispatch article about about the latest developments in the bankruptcy proceedings of The Federal Club and Mountain Run Development in Western Hanover County. The Federal Club is a new Arnold Palmer designed golf course which opened as a private golf club but now allow the public to play for a daily fee. The Club never attracted enough members to stay private or build the amenities that were initially planned such as tennis courts, clubhouse etc. Mountain Run is the adjacent development where there are 99 single family home sites. Timing could not have been worse for this project with the downturn in the economy and the housing/real estate crisis. Interested in learning more about Mountain Run and other golf developments in Central Virginia? Skye Bruce Properties has a Golf Expert on staff to help you find that perfect golf course or country club property. Contact Skye Bruce Properties!
Richmond Times Dispatch Article: Fate of Federal Club in Hanover still in limbo
By CAROL HAZARD Published: April 21, 2010
The fate of The Federal Club golf community in Hanover County is still in limbo, despite a hearing yesterday in U.S. Bankruptcy Court in Richmond.
A purchase agreement by a group of club members interested in buying only the golf course for $2 million has not yet been signed.
Meanwhile, Atack Properties in Henrico County, one of the area’s largest developers, has come forward with a proposal for an undisclosed amount in cash to buy all the assets, including the Arnold Palmer-designed golf course and unsold land.
Bankruptcy Judge Kevin R. Huennekens said he expects the owners, Mountain Run Golf Inc., and the bidders to come back to court today with a signed purchase agreement.
“We have interested parties,” he said. “If we can get one party signed up, we can shop the bids and see if we can get a higher and better bid.”
Huennekens said the case needs to move forward. “I don’t want delay for delay’s sake,” he said. “It sounds like a deal is relatively close.”
The residential development, called Mountain Run, and the golf club filed for bankruptcy protection last fall. The residential development off U.S. 33 has 27 unsold lots. About 60 houses are occupied.
Paula S. Beran, attorney for about 90 members and 20 investors interested in buying the golf course, said the group is prepared to move forward with the purchase agreement. She said technical issues holding up the purchase agreement have been resolved.
CLICK HERE TO VIEW THE REST OF THE ARTICLE AT TIMESDISPATCH.COM
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