Golf Club Atlas
GolfClubAtlas.com => Golf Course Architecture Discussion Group => Topic started by: Steve_ Shaffer on October 06, 2020, 07:49:13 PM
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Montgomery County Sheriff Sale to Include Lulu Country Club Real Estate
The Upper Dublin real estate supporting Lulu Country Club (https://www.lulucc.com/) will be put up for auction as part of the Montgomery County sheriff sale on December 2, writes Natalie Kostelni for the Philadelphia Business Journal (https://www.bizjournals.com/philadelphia/news/2020/10/05/real-estate-tied-to-lulu-country-club-for-auction.html).The auction will seek to sell the commercial real estate but not the business that is associated with the listed properties.
Lulu Country Club – home to the first 18-hole golf course in the state designed by Donald Ross – has found itself in this situation due to mortgage foreclosure proceedings. In May, a judgment of $7.5 million was entered against the club. As a nonprofit corporation, Lulu Country Club backed the original loan it took out with the real estate.
According to Donald Rusk of Lulu JJR LLC, which has a 20-year lease on the 115-acre property and oversees its management, the sheriff sale will have no effect on the club’s continued operations going forward.
“Lulu is doing better than it has ever done in its long history,” said Rusk. “We presently have over 500 members who will be enjoying Lulu for years to come.”
https://montco.today/2020/10/montgomery-county-sheriff-sale-to-include-lulu-country-club-real-estate/ (https://montco.today/2020/10/montgomery-county-sheriff-sale-to-include-lulu-country-club-real-estate/)
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Typically, in Texas at least and probably most places, a foreclosure on the first lien would wipe out all junior encumbrances including leases. In most cases, assuming that someone purchases the property at the sheriff's sale, that entity might choose to renew the lease, renegotiate it, or evict the tenant. Maybe PA is different or the commercial real estate being auctioned is separate from the LuLu site.
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Perhaps Brad Faxon can be of help.
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Didn’t this place just build a new clubhouse?
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(https://pbs.twimg.com/media/Ej1NewxWoAAFemc?format=jpg&name=900x900)
New Club House overlooking #18
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Guys...this is financial mechanics along the lines of what Lou suggests. I think we’ve added 200 members this year alone and they support the bar/restaurant.
While I am not privy to their financial specifics, the owners are not concerned with the process, other than the press.
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Lulu Country Club fails to sell at auction; lender formally takes ownership
https://www.bizjournals.com/philadelphia/news/2020/12/08/lulu-country-club-doesnt-sell-at-auction.html
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8) :P
As to LuLu, at the end of the day I think the Who sang about it!
when the dust settles " meet the new boss same as the old boss" rings true, good for the golf in the end
The club is thriving ;)
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I can't see past that paywall, so I continue to be confused. I just played it the one time, but I much preferred it to Aronimink GC, which is also Philly Ross.
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8)
To Mike Sweeney's query simply put LuLu should stay in the same hands as the present manager bought out the first lienholder a while ago, or that's my understanding. Under that scenario all junior liens would have been wiped out at the sheriiff's sale whne no one stepped up and bought it out. So assuming that the present manager would be unencumbered by most of the debt that was there previously.
Given they are crazy busy and have a waiting list it appears to be a fait accompli for the managing partner.
It sure is different than Aronomink, quirky and fun versus formulaic and muscular.
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Played LuLu this week in a GAP play day and it was everything I hoped that it would be. Very quirky and downright funky in places. I found it challenging in all the right ways while still being a ton of fun to play. Could easily see a round get away from you very quickly if you start missing in the wrong places. The course was in fine shape except for the bunkers having little to no sand in them. Hopefully they have another 100+ years in front of them without any more of the financial issues that they seem to have weathered.
The Reundestanding Ross thread states the following in a post by Mike Cirba:
In the case of Lulu, we are very confident that Frank James constructed the course to Ross' plans.
We also know that Ross retained the routing of 7 of the 9 Meehan/Webb holes in his 18 hole plan.
Can someone please explain the architectural history, do we know what holes/corridors were pre-Ross?
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8)
You came to the right place , those two Philly boys will surely exceed expectations on this one.
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Jim/Archie;
Here's a May 1915 schematic (found some years back by Joe Bausch) of the original nine-hole course at LuLu that was designed by local architect Franklin Meehan (with William? Webb) and opened at that time. I don't have much time to post at the moment but a few years later Ross was brought in to update nine and create and 18 hole course. It's pretty easy to see that at least the basics of quite a few existing holes were already in place (including the super cool par three quarry hole) prior to Ross. Hope this helps...
(http://www80.homepage.villanova.edu/joseph.bausch/images/maps/lulu_orig_9holes.jpg)
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I provided the detailed early architectural info for Joe Logan's article on LuLu back in 2017 for GAP:
https://www.gapgolfmag-digital.org/gapgolf/2017_summer?pg=32#pg32
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;D
yep as forecasted great stuff guys!