Genoa Lakes announces sale
March 10, 2014
Both Genoa Lakes golf courses have been purchased, according to a letter sent to members Wednesday morning.
The purchase by Genoa Golf Group IV LLC was recorded on Wednesday afternoon. According to the Douglas County Recorder's filing the purchaser paid $12,675 in Real Estate Transfer Tax, which means the purchase prices was $3.25 million.
The courses have been in receivership for more than a year.
Golf Course General Manager Lou Eiguren said the new buyer consists of four entities, including a family trust, two limited liability corporations and operating partners Reno residents Fred and Marla Gartrell.
According to the listing for the company on the Nevada Secretary of State's website, Fred Gartrell is the company manager and resident agent for the company.
"The operating partners have appointed a three-person management team headed up by myself and includes Victoria (McClure) in administration and Superintendent Dan (Cordle)," Eiguren said in the letter.
He credited Century 21 Clark Properties co-owners Jim and Shele Pandl for bringing the buyers forward.
Rumors of the golf course being in escrow have been swirling through the Valley for weeks.
Eiguren said current members will be billed for their January dues in the next few days, after the close of escrow. February dues will be billed on Feb.1.
The two Genoa golf courses, which comprise 36 holes and 564 acres, have been for sale by owner MDA Enterprises' Mario Antoci for several years. In November 2012, a receiver was appointed to operate the courses after an attempt to sell them fell through.
Lender Bank of America sought a receiver after Antoci announced he was closing the north course in mid-September 2012, according to court documents.
MDA Enterprises borrowed $4.85 million on July 26, 2005, to purchase the north, or the resort course.
Bank of America was holding a roughly $3.5 million note, its attorneys claimed in the district court filing seeking the receivership.
Sunridge Golf Course in northern Carson Valley sold to a company called Asian Pacific Group in January 2013 for $1 million.