Nevada and New York Clubs Put On Market

The Revere Golf Club in Henderson, Nev., and Ives Hill Country Club in Watertown, N.Y., have both been listed as for sale. Ives Hill is being divvied up into three parcels, and neither club has listed its sale price.

The Revere Golf Club in Henderson, Nev., has been listed for sale by Colliers International. The club offers two 18-hole, par-72 golf courses, The Concord Course and The Lexington Course, as well as a 23,000-sq. ft. clubhouse and 30-station grass driving range. The golf courses and clubhouse are on 550 acres within the age-qualified, 12,500-resident Sun City Anthem Community, a Del Webb development with more than 7,000 homes. The average household income within a 1-mile radius of the club is $143,000 per year.

“Anthem Revere Golf Club is located within what could arguably be called the best golf community in Nevada, and views of the Las Vegas skyline and local mountains are stunning,” said listing broker Keith Cubba. “Couple those dynamics with strong financial performance, and the result is a very attractive property.”

Cubba also addressed concerns about recent Southern Nevada Water Authority water rate increases, adding that “the rate change is an infrastructure surcharge that, due to a number of factors, including the courses’ Henderson location, does not really impact The Revere Golf Club.”

Also up for sale is Ives Hill Country Club in Watertown, N.Y. Current owner P.J. Simao said he wants to preserve at least a nine-hole course with a clubhouse, the Watertown Daily Times reported.

The course is offered as three separate parcels: a 55-acre parcel that includes the clubhouse, a 16-acre parcel, and a 63-acre parcel. Simao is seeking to restrict the sale to a buyer who intends to maintain the property as a golf course, but added that portions of the property could be developable as homes, townhouses or apartments, the Daily Times reported.

“I have put a lot of careful thought into this and I’m never going to be able to keep everyone happy, but I have tried to not change the complexion of the neighborhood over there,” Simao said.

Simao purchased the course in 2007 through one of his development companies, Prime LLC. Simao said he intended to run the course for only two or three years, but the course is still operating in the red, the Daily Times reported.

“We have great natural resources close by with the lake and the river, and it sucks people away in the summertime,” he said. “It’s a highly competitive [golf] market up here, and the highest and best use for the property is not a golf course.”

HSBC Bank USA N.A., Buffalo, claims it is owed about $490,000 on a mortgage it provided to Prime LLC in 2007. Simao filed a $20 million counterclaim, contending that the bank knew but did not disclose to him the financial trouble his other company was in at the time. Club & Resort Business reported that story in June (“Owner Files Countersuit Over Ives Hill CC Foreclosure”).

Simao did not say what the asking price is for the parcels. In the meantime, he added, the club’s restaurant and golf course will continue to operate, with all memberships honored, the Daily Times reported.

Tags: colliers international Del Webb Henderson nev. hsbc bank usa n.a. buffalo Ives Hill Country Club keith cubba P.J. Simao revere golf club Southern Nevada Water Authority Sun City Anthem Community Watertown N.Y.