The Malibu Golf Club, which went bankrupt for a second time last year, has sold in a receivership sale for $30.5 million.
The 18-hole property sits on a 650-acre site at 901 Encinal Canyon Road, nestled in the Santa Monica Mountains Recreational Area which, was sold to Shinhan Golden Faith International Development Limited, a holding company with major shares held by M.O. Company of Beijing, according to the Panama Papers.
The site is fully entitled for future development as a health and wellness golf institute, according to Fred Cordova of Kennedy Wilson, who represented the property’s court appointed receiver, Trigild CEO Bill Hoffman, in the receivership sale.
“This property presented a number of complex obstacles, so the receivership sale was a complicated and lengthy process with various moving parts,” Hoffman said in a statement. “We are fortunate to have selected a solid buyer and are excited to see what the future holds for the site.”
Dick Fuld, the former CEO of Lehman Brothers, bought the $100-a-round golf club with his partners in Malibu Associates for $33 million in 2006. The partners buried themselves in debt while attempting to give the course a restoration makeover and entitling it for development. Malibu Associates defaulted on a $46.7 million loan from U.S. Bank, which tried to seize the property, according to a report last year by the L.A. Business Journal. The partners filed for Chapter 11 protection last April.
Receivership sales are an increasingly popular tool, Hoffman said.
“Because they allow properties to be sold prior to foreclosure, receivership sales often result in faster results and a higher recovery — but they can be complicated and require an extensive understanding of the court system,” he said in a statement. Ed Sachse, Ryan Eddy, Michael Puleo and Jake Sachse of Kennedy Wilson also represented Hoffman.
Author:Mindy Bloom Phone: 305-332-2439 Dated: September 1st 2016 Views: 67 About Mindy: ...
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