The Coatesville Country Club is slated to be sold at sheriffs sale, but a representative says the listing is more akin to a mulligan than a triple bogey.
The property, mostly located in West Caln, is listed under sheriff sales on Chester Countys website and in the Daily Local News legal notice section. But members anticipate the clubs future to remain in their hands, a representative said Friday.
We are still in business and we are doing OK. Hopefully, we can come up with a solution with (Southern Financial), said Bruce Korn, Coatesville County Club board member and former president.
According to Korn, over the years the property has been owned by several banks. The most recent was First Niagara before ownership changed hands yet again to Southern Financial Group LLC, based in Dallas, Texas.
Southern Financial wants to get the maturity of the investment, get out of the deal and put the property up for foreclosure, said Korn, adding he couldnt go into detail while negotiations are ongoing. But, he said he is confident Southern Financial will approve an offer that will keep the club open and operating without interruption.
The club submitted an offer to buy out the remainder of the real estate note.
We are in serious negotiations, he said, adding the country club would benefit from the purchase by seeing a reduction in its mortgage rate.
Listed as a sheriffs sale on Chester Countys website for approximately $3.65 million, the 18-hole golf course is more than 100 acres and includes a restaurant, a one story building, barn and a clubhouse. There are deed restrictions that prevent homes from being built on the property.
According to the Golf Association of Pennsylvania, the club opened as a nine-hole course in 1921. Over the years, the club has expanded the course by adding nine holes.
Korn said there were struggles along the way, particularly in the past six or seven years. Changes and difficult decisions had to be made, but the club was able to keep its doors open, he said.
We are challenged as a small club, but we are doing better. We want the opportunity to stay in business … and to not go into foreclosure, Korn said.
The Coatesville Country Club will remain open, hosting events and catering to its members, the board member predicted.
The attorney representing Southern Financial Group LLC. and real estate representatives in the Chester County Sheriffs office could not be reached for comment Friday.
The sheriff sale for the Country Club is slated for Oct. 17 at 11 a.m. in the Justice Center, 201 West Market Street, West Chester.
Coatesville Country Club is located at 143 Reservoir Road, Coatesville. Visit www.coatesvillecountryclub.com.
Follow Daily Local News staff writer Kristina Scala on Twitter @Scala_Kris.