Nick Stephens, who also serves as Director of Operations for the Wrightstown, Wis., property, bought the 18-hole layout and clubhouse buildings. Stephens said he bought the property to separate it from the adjacent housing development, which is struggling financially.
Nick Stephens, Golf Pro and Director of Operations at Royal St. Patrick’s Golf Links, has purchased the Wrightstown, Wis., property’s 18-hole layout and clubhouse buildings, the Green Bay (Wis.) Press Gazette reported.
Stephens did not buy the adjacent housing development, which is owned by Harry Macco, and said he believed the golf course would be sustainable if it was separated from the struggling development, the Press Gazette reported.
After taking out a loan for more than $1 million and recruiting a few silent investors, Stephens completed the deal on September 28. The Brown County assessor’s office said the course is valued at $1.4 million, the Press Gazette reported.
“Asking for a loan to buy a golf course is suicide in the minds of the banks,” Stephens said. “I had to call a lot of banks and sell the idea. I worked with as many as 12 banks and got two or three of them pretty interested. One went all the way.”
With the new debt structure, Stephens said, “if we continue to do the business we’ve been doing, we’ll be fine.”
The year-round clubhouse will continue to book private parties and banquets through the winter months, while the course and restaurant typically stay open until the first or second week of November and reopen in April, the Press Gazette reported.