Ironbridge Golf Club back up for auction
An auction to sell the golf course and remaining home sites at the Ironbridge Golf Club between Carbondale and Glenwood Springs is scheduled to be held next month.
The auction is part of the Chapter 11 bankruptcy reorganization of L.B. Rose Ranch, a subsidiary of Lehman Bros., according to Craig Post, executive director of Sheldon Good and Co., which is handling the real estate auction. Lehman Bros. is the investment banking company that was allowed to fail before the federal government bailed out other Wall Street firms at the start of the Great Recession. Lehman declared bankruptcy in 2008.
Garfield County approved Ironbridge in the early 2000s. It has an 18-hole golf course and 316 total lots. The development firm sold 198 of the home sites. The remaining 118 will be offered at the auction along with the golf course.
Ironbridge is located about 10 miles southeast of Glenwood Springs. A news release by Sheldon Good said the golf operation generates in excess of $1.1 million in annual revenues. The course has 280 members. Leftover tee times are available to the public.
Post said a prior auction scheduled in November was postponed for administrative reasons connected to the bankruptcy reorganization. The delay could work to Lehman’s advantage. Prices have stabilized in the midvalley in recent months and, in some cases, started to creep up. Post said the stabilization is a product of inventory diminishing.
The deadline for delivering bids is 3 p.m. June 28. Post said his firm hasn’t appraised the property. The bids will establish the market for the operation. Separate bids will be accepted for the undeveloped home lots and the golf course, though Post believes it makes sense for a single buyer to acquire all the assets.
“There is no minimum,” Post said, but L.B. Rose Ranch reserves the right to decline the top bid if it is deemed too low.
While Lehman Bros. is in Chapter 11 bankruptcy, it isn’t expected by observers to emerge from the reorganization. It is selling off its assets.
Post said some real estate owners prefer to sell property via auction because of the certainty of a sale it creates.
Ironbridge Golf Club opened in 2003. It is a 7,224-yard, par 72 course. The course and home lots are on 533 acres adjacent to the Aspen Glen golf community. The infrastructure is completed to 57 of the remaining 118 homes sites. The other 61 sites can be built to the specifications in the approval or redesigned.
More information about the sale can be found at http://www.Ironbridge.Sheldongood.com or by calling 800-516-0012.
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