The Ironhorse Country Club, West Palm Beach, Fla., sold earlier this week at a federal bankruptcy auction for $2.85 million to businessman Thomas O’Malley, reports the Palm Beach Post.
O’Malley, chairman of Switzerland-based refiner Petroplus, was one of three qualified bidders including Professional Golf Acquisition Inc., and Point Breeze Holdings, LLC, which is owned by Palm Beach Polo owner Glenn Straub.
The club, which filed for voluntary Chapter 11 reorganization in January, had signed an agreement with O’Malley for him to purchase the club for $2.4 million. But Ironhorse attorney John Page, said Wachovia, Ironhorse’s lender, was not happy with the price and instead wanted it subjected to other bids.
Palm Beach County property records show the 113-acre golf course and country club had a 2009 market value of $5.86 million.
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