Lender wins Gypsum golf course at auction | VailDaily.com

Lender wins Gypsum golf course at auction

GYPSUM, Colorado – All Christine McGinty wants is a golf course operator who loves Cotton Ranch as much as she does.

McGinty and her husband, Mike, were among several dozen people at the Eagle County Administration Building Wednesday when the Cotton Ranch golf course was sold at an assessor’s sale.

The only bidder for the golf course was the lender, PMC Commercial, which bid the minimum, $1.7 million. Local attorney Wendell Porterfield put in a bid on an adjacent piece of property, but PMC eventually won that parcel, too, with a bid of $180,000.

While there was just one bidder, McGinty said she and her neighbors came to the auction to get at least a glimpse of the golf course’s future.

“This is our home,” she said. “This is our property value. We don’t have control of this, but we want to see what happens.”

Since the golf course went into foreclosure earlier this year, PMC Commercial has been managing the golf course and other club facilities. Attorney Bob Holmes, who was representing PMC Commercial at the sale, said his clients don’t want to be in the golf course business.

“The lender will be interested in talking to anyone about a purchase,” Holmes said. “They just want to get the loan repaid.”

Buyers may be in short supply for some time, given the national economic slump, but a representative for one potential buyer was upstairs at the county building Wednesday morning.

Gypsum Town Manager Jeff Shroll was attending an ECO Transit board meeting Wednesday, and was unaware the foreclosure sale was going on in the building.

Town officials have gone back and forth about the prospect of buying the course, and, at last report, weren’t particularly interested in participating in the foreclosure sale.

Part of the problem with the foreclosure sale, Shroll said, is that buyers would acquire the course as is.

“Now, if we want to buy it, we can do due diligence,” Shroll said. “We can investigate p a partnership with (the Western Eagle County Metropolitan Recreation District) if we decide to go ahead. And we can discover whether parts of the golf course sit on homeowners’ property.”

McGinty said members of the club could be interested in a town takeover of the club, if their rights were protected.

But, Shroll said, town officials believe that club members lost most of their rights at the time of the sale.

“We’ll have to see what happens,” he said. “We may be interested, and we may not.”

Business Editor Scott N. Miller can be reached at 970-748-2930 or smiller@vaildaily.com.

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