Who is the mystery millionaire?

[Dan_Callahan]

Renaissance Golf Club, one of the more interesting golf courses to open on Boston's north shore in recent years, was recently sold. The development process has been fascinating to follow. North Shore Golf Magazine chronicled the member revolt that forced the developer to give up his management interest in the club. There seemed to be a fair amount of hostility involved in a project that overflowed with unfulfilled promises.

Last week, it was reported that the course was sold at auction to . . . nobody knows. The bidding was about to close at $8 million when suddenly a bid came in for $13 million.

The rest of the story is here:

http://tinyurl.com/2yw5lf

For those who don't know, Renaissance Golf Club is a new design by Brian Silva that shows his obvious respect for Raynor's style. I know some on this site have played the course. I have not, but I have heard great things about it. Hopefully, this story has a happy ending.

[TEPaul]

Wow, that kind of auction action sounds like what I call the "Arab mentality"---eg those filthy rich oil arabs who, if a large estate was for sale in England for 10 million pounds, would pay 20 million pounds for it just to say they did. Maybe the new buyer is that Middle East rap star Sheik Barack O'bin Laden.

[cary lichtenstein]

Watch the $13 million dollar bid decline after due diligence to something south of $10 million

[Steve_ Shaffer]

Unbelievable bidding scenario! Why would the winning bidder jump from 8M to 13M when he may have won the auction for much less?

I think due diligence should be performed before the auction. The 30 day period after the auction is to get the financing,if needed, the paperwork reviewed by counsel and the title cleared.

[TEPaul]

You know Steve, that kind of thing happens. Years ago when the thoroughbred horse flesh market was really rocking I went to some of those sales in Kentucky like Fasig Tipton and Keeneland. Some of those filthy rich Arab buyers were so idiotic and over the top sometimes a number of agents bid against each other for the same client by mistake. Try explaining that to the auction house after the fact.

[Brad Tufts]

Dan-

Is the NSGM article about Renaissance online?...I was looking on their site and couldn't find it.

I actually know one of the developers (and original club president?), as he is a member of my club.  I never talked to him at length about his divesting of duties/involvement, but it was a well-known turn of events when he left.  Also, something recently has gone on with the pro, formerly of Myopia, as he is no longer with the RC.  I haven't heard what the deal is, but he stuck through the entire building process without leaving, so it must be something drastic to have caused that decision.

I thought the RC was very unique in that they totally redesigned the course before it was even open.  I remember the pro of RC giving some lessons to RC members at the Myopia practice range for about a year before theirs was open.

Now that it is finally open, it has gotten some rave reviews.  They held one of the Mass. Mid-Am qualfiers there last year, and a friend of mine said it was great.

[Andy Hughes]

Not sure of the answer to the question, but it should be noted Hammy Hearst was seen last week having lunch with John Ferrante

[Dan_Callahan]

Brad,

You can find the NSGM article here:

http://northshoremassgolf.com/chipsdivots.html#southworth