Jack’s Unbudgeted Story
EL CAJON — An auction held Wednesday to sell the foreclosed upon StoneRidge Country Club in Poway went without bidders.
The public auction in front of the El Cajon courthouse lasted only about one minute. Bidding was opened at $1 million, however, a standing bid of $6.5 million already had been promised by the note holder. The bank that had foreclosed upon the property last year recently sold the note to No Stone Left Unturned LLC, a company owner Michael Schlesinger of Beverly Hills said was created for that very purpose.
Schlesinger also owns Cambra Realty, a real estate investment firm in Beverly Hills.
Wednesday evening he said he intends to continue operating the business as a country club, not sell it.
“StoneRidge has been neglected over the last three or four years, and we plan to put investment into it, increase membership, and restore it,” he said.
Schlesinger said Wednesday was the first time No Stone Left Unturned “had boots on the ground” at the country club. “We took possession today,” he said.
The company has hired Touchstone Golf, a national golf course management company, to run the club, he said.
According to Cambra’s website, that company’s investments include “the acquisition of distressed debt and equity assets secured by commercial real estate. … Cambra utilizes its commercial real estate expertise to handle all aspects of an individual loan or loan portfolio purchase transaction, from the acquisition to the disposition of the loan and underlying assets.”
Some in Poway have worried that new owners might try to develop the property north of Espola Road. However city officials have made it clear the property is not zoned for residential development. If someone wanted to build houses on the property, a zoning change would have to be approved by voters under the city’s Proposition FF, and even then any development plans would have to be approved by the City Council, said Poway City Manager Penny Riley.
Stoneridge has been having financial problems for years, hit hard by rising water costs and the downturn in the economy, which has been difficult for golf courses nationwide.
The country club was owned from 2007 to 2012 by La Jolla Development Group LLC of San Marcos.
That company at one time also owned the Lake San Marcos Resort and Country Club and the Escondido Country Club, but bankruptcy filings followed and the two properties have since been sold.
The private StoneRidge Country Club includes a Ted Robinson-designed 18-hole
golf course, tennis courts, a 25-meter swimming pool, wading pool and Jacuzzi.
To see part 1 of this 2 part series, click here
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