Stallion Mountain Golf Club in east Las Vegas has been sold for $3.8 million to Ohio-based Tartan Golf Management, a local real estate broker confirmed Friday.
The 18-hole, par-72 championship golf course was in foreclosure with Community Bank of Nevada, which was taken over by the Federal Deposit Insurance Corp.
Las Vegas remains a viable market for golf courses, most of which are deed-restricted from other uses such as residential, said Chris Cubba of Colliers International. He represented FDIC in the deal.
The $3.8 million price is fair market value, Cubba said. If the previous owners had purchased the course at that price, they would have made money, he said.
Originally known as Sunrise Country Club, the three-course facility was built in 1992 and was sold to developer Billy Walters in 1997. Two of the courses were subsequently sold off as residential land, and the remaining course was sold in 2006 to private investors for $24.5 million.
In 2008, after owners couldn't meet their debt service, the course was taken back by the lender, Community Bank of Nevada, and was placed in receivership with the FDIC in 2009.
Situated on 204 acres on east Flamingo Road, Stallion Mountain is the centerpiece of a 2,600-home, guard-gated community. The golf course includes a 37,500-square-foot clubhouse with full-service kitchen and restaurant and a 16-acre practice facility.
Headquartered in Dublin, Ohio, Tartan Golf is a full service golf management company, overseeing operations at seven facilities.