Area golf courses for sale
GE Park & Hidden Creek Golf Course
Address: 12110 Princeton Pike, Cincinnati
Listed: $5 million
Acres: 108
Course: Par 60, 18 holes
Ivy Hills Golf Club
Address: 7711 Ivy Hills Blvd., Newtown
Listed: $2.6 million
Acres: 98.87
Course: Par 71, 18 holes
Beckett Ridge Golf Club
Address: 5595 Beckett Ridge Blvd., West Chester Twp.
Listed: $1.9 million
Acres: 156.03
Course: Par 72, 18 holes
Hartwell Golf Course and Recreation Center
Address: 59 Caldwell Drive, Hartwell
Listed: $770,000
Acres: 0.41
Course: Par 27, 9 holes
Source: Compiled by staff
Focus on government spending
Reporter Michael D. Pitman covers city government with an eye on your tax dollars. In today’s story, he examines the benefits and potential challenges of selling off the city-owned Weatherwax Golf Course. Count on the Middletown Journal to keep you informed of all the latest developments with this story.
Middletown officials want to know how much a prospective buyer might be willing to pay for the 41-year-old Weatherwax Golf Course, even though the city isn’t looking to sell it right now.
City Council’s finance subcommittee directed staffers to explore what price tag the 36-hole golf course might bring on the open market. The subcommittee also wanted to know about any extra costs that would be involved in a potential sale.
As the city’s budget has gotten tighter, discussions about what to do with the city-owned golf course have intensified. The city is projected to subsidize Weatherwax operations this year to the tune of $375,000 to $425,000, which includes a $220,000 debt payment for renovations made there in the 1990s.
The fact that the city has had to use tax money to prop up its golf course is not uncommon. This newspaper recently did an analysis of golf operations in 13 area cities and found only one — the city of Dayton’s — that actually made money. The rest, including Middletown, ran at a deficit when operations and debt were taken together.
“It’s distressing to say this, but I think it’s seriously time to look at selling it,” City Manager Judy Gilleland said of Weatherwax.
Gilleland said the process could take several months for industry experts to provide proposals for what the market will bear for Weatherwax. The golf course has a market value of around $1.2 million — a quarter of its worth a decade ago, according to the city manager.
“We’re not agreeing to sell, but it makes reasonable sense for the finance committee to look at the options,” said Councilman Josh Laubach, who chairs the finance subcommittee.
Even if the city decided to put Weatherwax up for sale, finding a buyer in today’s economy could be tough. Overall, golf courses in the region are struggling; there are too few golfers and too many courses, according to many observers.
And while 124-acre Weatherwax Golf Course has a few things that could make it attractive to potential buyers — it has 36 holes, reasonable greens fees and plays host to a number of tournaments and golf outings — it also has its fair share of drawbacks, starting with its age.
“Any golf course that’s over 10 years old is considered ancient by golf standards,” said Brian Brockman, a real estate agent with Bang Realty. “Those courses typically don’t fit today’s players.”
Add to that Weatherwax’s undersized clubhouse — which limits its opportunities for banquets and other events — and its isolated location on Mosiman Road in west Middletown (a roughly 20 minute drive from Interstate 75), and the sales challenges come into sharper focus.
Brockman said if the city eventually decides to sell Weatherwax, officials will need to be patient because the golf course could sit on the market for three to five years. And if a buyer comes forward, the city needs to be open to creative ways of receiving payment, he said.
“You have to be open, have an open mind and be open for creative financing — like an owner-financing scenario because a bank is likely not going to finance it,” Brockman said.
Golf courses that are selling now are mostly more prestigious country clubs in affluent areas such as West Chester Twp., Brockman said. But even those sales aren’t easy.
Beckett Ridge Golf Club in West Chester Twp. was up for auction in June and no one put a bid on it, Brockman said. That 18-hole golf course remains on the market for $1.9 million.
Many golf courses look to be redeveloped, Brockman said, such as the property he’s marketing — GE Park & Hidden Creek Golf Course. The property is listed for $5 million and could be redeveloped into something different, he said.
Weatherwax has a deed restriction where it could only be a golf course, but Gilleland said she, staff and Law Director Les Landen “believe” they worked through any restriction that could preclude any sale for non-golf-related purposes.
Even with a future sale, the city would still be responsible for the nearly $1 million in debt remaining on the bonds from past renovation projects.
About the Author
