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Golden Valley CC ( Tillinghast, 1926) in Minneapolis, MN

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Steve_ Shaffer:
Frequently mentioned here, this Tillinghast gem is scheduled for a Keith Foster renovation and may be sold to Concert Golf:




http://www.gvgcc.com/club/scripts/library/view_document.asp?NS=PUBLIC&DN=HISTORY


https://www.goldenvalleycountryclub.com/blog/2017/9/6/golden-valley-country-club-to-take-first-step-in-program-to-unveil-the-genius-of-aw-tillinghast-that-lies-in-its-historic-golf-course




https://www.bizjournals.com/twincities/news/2017/10/12/golden-valley-country-club-in-talks-to-sell-to.html


If the members approve, the club will join Philmont and White Manor in the Philadelphia area in Concert Golf's portfolio.

John_Conley:
Always one of my favorites.

PCCraig:
Well, for starters Golden Valley G&CC is in Golden Valley, Minnesota not Minneapolis, Minnesota...  :)


The golf course that is there now is very good. There are some very fun and steeply sloped greens. The course crosses a couple of roads, a railway, and power lines while seemingly moving through the town of Golden Valley which is a nice sense of place.


It's terrific that Foster accepted the commission at Golden Valley. It would not be a very difficult job to take a very good course and make it great. I'm sure the first item on his agenda will be to take down a million trees which would be awesome.


The club itself is a nice one, but it seems like they have fallen into some typical pitfalls. About 15 years ago they build a HUGE new clubhouse with some very large banquet facilities. (Seemingly every industry breakfast/networking event in town is held there).


I had heard from a member just last night that they have something like $7mln in remaining debt on the clubhouse, which is constraining profitability at the club. I believe they raised dues last winter to help cover the difference but then 30-40 members quit.


So, Concert Golf has come swooping in to offer to purchase the club, assume the debt, and pay for a $3.5mln Keith Foster renovation. But from what I hear there is only a guarantee from Concert Golf that they will operate GVGCC as a private club As so long as they own it. So, they are effective buying the club and the underlying land for ~$11mln creating a future option to sell it. The land today is probably worth $30mln+ easy. So it's a nice deal for Concert Golf, if they can get it.

Steve_ Shaffer:
The Minneapolis/St. Paul Business Journal reports that negotiations between the parties have “temporarily stopped” because “some members want to explore a way to keep the club member owned.” If the transaction gets back on track, Concert will retire Golden Valley’s $7 million in debt and invest $2.5 million in the 103-year-old property.

Jeff Shelman:
This info isn't up to date.


The club's board surprised a good chunk of the membership by agreeing to terms with Concert Golf. There will be a vote of the membership next week on whether to sell or not.


The whole thing has been a circus.

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