The Williamsburg, Va., club filed for bankruptcy two years ago and went on the market in the spring of 2011. Its purchase price was set at $8.5 million and Affinity Golf was selected to manage the club.
An unnamed party has signed a Purchase and Sale agreement for Ford’s Colony Country Club in Williamsburg, Va., two years after the club filed for Chapter 11 bankruptcy protection, the Williamsburg Yorktown Daily reported.
Bankruptcy proceedings for the 54-hole championship courses and country club began in 2010 and wrapped up in the spring of 2011. The property was put up for sale, listed at $8.5 million, and Affinity Golf was selected to manage the club, the Williamsburg Yorktown Daily reported.
The Country Club Membership Association (CCMA), a group of dues-paying members, has reported that club owner Prudential has been negotiating with a lead bidder for the sale of the property.
“We have been advised by Mr. Richard Curlin at Prudential that a Purchase and Sale agreement has been signed with an un-named party,” CCMA President Craig Stambaugh wrote to members on August 16. “This agreement allows for a due diligence time period of 45 days followed by a closing time period of 30 days. So, if all would proceed according to plan, FCCC could be under new ownership by the end of October.”
Stambaugh added that the identity of the buyer is not yet known, though rumors have circulated. Now, surveyors are re-affirming boundary lines of the property in preparation for the sale, the Williamsburg Yorktown Daily reported.