Spring Valley Golf Club will soon take a swing onto the auction block.
The 240-acre golf course in Elizabeth, which is east of Castle Rock about 40 miles from downtown Denver, will be auctioned off later this month by Castle Rock-based NavPoint Real Estate Group, on behalf of current owner Haynes Family Limited Partnership.
NavPoint principal Matt Call said the golf course is expected to generate $300,000 in net income this year.
“It’s a very busy place, very popular for outside events,” Call said. “There’s a booming residential development in and around the golf course; Century Communities has started construction on 200 new homes. I think it’s a great asset in an area that’s booming.”
The 18-hole, par-72 course in Elbert County opened in 1998, and was built on what had been part of a working cattle ranch. The property includes a clubhouse, restaurant, maintenance facility and pro shop, as well as two vacant parcels adjacent to the course.
“There’s nothing built on them, but they have commercial zoning,” Call said. “One is adjacent to the entrance and the other is on the third hole.”
Both the golf course and the clubhouse underwent a multi-million dollar renovation in 2005, according to marketing materials.
The course, which is privately-owned but open to the public, plays between 5,200 yards from the forward tees and 7,200 yards from the back tees, per marketing materials. It also features a driving range, chipping green, and putting green for practice.
Under the current ownership, golfers can purchase an annual membership for $1,925 sans golf carts, or $2,530 with unlimited cart rental. Nonmembers can play the full 18 holes for between $25 and $35.
The Haynes Family Limited Partnership is selling the property. Ronald L. Haynes, who died in 2003, formed the entity and owned the cattle ranch that once existed on the site. He was behind the construction of Spring Valley Golf Course, Call said.
Records show that Haynes Family LTD sold the property in 2003 to Running Creek Golf LLC, formed by James E. Marshall, for $3.8 million.
Call said the Haynes family re-acquired the property in 2010, but now that Haynes’ wife lives far away, she’s “ready to move on.”
The auction will accept bids starting Nov. 19 and ending on Nov. 21, Call said. Bidding starts at $900,000 and requires a $10,000 deposit.
“The nice thing about an auction … is that it creates certainty of transaction with a set closing date,” Call said. “We have a bunch of interested parties, and we’re going to have multiple bidders.”
The winning bidder will need to provide 10 percent of the total purchase price within 24 hours, and the full transaction must close in 30 days, Call said.