Map
A Colorado management company has bought Stallion Mountain Golf Club for $3.8 million, three years after it was closed by foreclosure.
Tartan Golf, which selected OB Sports to manage the course, plans to reopen it within 30 days, said Steve Kerr, Tartan’s manager. The deal was completed June 30, he said.
“We are getting it cleaned up and ready for play,” Kerr said. “The course is in great shape.”
Tartan, which owns two courses in Colorado, acquired the course from the Federal Deposit Insurance Corp., which got the property in August 2009 after taking over Community Bank of Nevada. Community Bank foreclosed on the property obtained by an investment group for $23.8 million.
The course is at East Flamingo Road and Boulder Highway.
The new plan calls for the course to have private membership but allow outside outings, Kerr said.
Stallion Mountain Golf Club is surrounded by 2,700 homes, and with the millions of tourists who visit Las Vegas every year, Kerr said the course was a bargain. Phoenix, where he lives, has about 200 courses, and Las Vegas has fewer than 50, he said.
“We are always looking for value across the Southwest,” Kerr said. “We think there’s a good reason to be excited when you can offer a country club experience at affordable prices. When you pay $3 million to $5 million, you can do that.”
It’s the third sale of a Las Vegas course since December. There hadn’t been a sale since 2007. Silverstone Golf Club was sold by its lender in December for $3.1 million to Par 4 Golf Management. In February, a Honolulu group purchased Southshore Golf Club in Las Vegas for $4.5 million.
The broker on the Stallion Mountain sale representing the FDIC was Keith Cubba of Colliers International Las Vegas, who said the price paid by Tartan was fair-market value for the course and shows there’s demand.
“Las Vegas is a good market for golf courses,” Cubba said. “There’s nothing else on the market right now.”