The Prince George course is about 12 miles south of Petersburg. (Photo courtesy of Prince George Golf Club)
In a swing of momentum following bankruptcy and foreclosure, a local golf course has been snatched up by a prominent area real estate developer.
George Emerson and several partners are the new owners of Prince George Golf Club after acquiring the 113-acre course in late December.
The Prince George property, located about 12 miles south of Petersburg, is the second golf course in Emerson’s bag. He founded and built the Highlands Golf Course in conjunction with the surrounding Highlands subdivision in Chesterfield in 2001.
The new ownership group, which Emerson said includes investors he worked with on the Highlands project, bought Prince George from First Community Bank, which had taken the property back through foreclosure in November.
George Emerson
Emerson would not say how much they paid for the club, and Prince George County records do not yet list the sale.
“It was very, very cheap,” Emerson said, adding that they will operate the club as a public course.
Prince George County records show the course went back to First Community in foreclosure at a price of $364,000. The property has an assessed value of $1.14 million.
Emerson is a veteran local developer operating through his Emerson Companies and Plus Management. He’s a major homebuilder, particularly in Chesterfield County, and with his partner Phil Roper has a $20 million, 11-story apartment building going up near VCU.
To run the course and lead its makeover, Emerson tapped Rick Bealert, who was most recently general manager and head pro at Jordan Point Country Club in Hopewell.
Bealert said the new ownership group is funding renovations to and maintenance on the club, including the purchase of 50 golf carts, a $30,000 renovation to the pro shop, and seeding, fertilizing and other work on the course itself.
Rick Bealert (Photo by Michael Schwartz)
“It’s been a massive undertaking,” Bealert said. “We want people to come out and play golf, and we want it to be as nice as it can be.”
Prince George Golf Club has seen its share of trouble over the past year. Its previous owner, Ronnie Kelley, put the course in Chapter 11 bankruptcy in February 2013 to stave off First Community’s attempt at foreclosure.
The bank fought back in federal bankruptcy court, arguing it should be allowed to take back its collateral. A judge agreed, and the foreclosure auction was set.
The course has been closed since the bank took it over, but the new ownership team has been in control for about five weeks and is getting ready to reopen.
“We’re spreading the word that it’s in new hands, and we’re looking at moving forward,” Bealert said. “We’re going to invest whatever it needs to get this course back in a better condition.”
Bealert said they are shooting to have the course open for play Jan. 7, weather permitting.
Special winter rates include $25 per round for weekend play and memberships for $800 a year, Bealert said.
Prince George is the second local golf course to change hands in recent months. Independence Golf Club, which sits on the Chesterfield and Powhatan County line, was acquired in October.
The Prince George course is about 12 miles south of Petersburg. (Photo courtesy of Prince George Golf Club)
In a swing of momentum following bankruptcy and foreclosure, a local golf course has been snatched up by a prominent area real estate developer.
George Emerson and several partners are the new owners of Prince George Golf Club after acquiring the 113-acre course in late December.
The Prince George property, located about 12 miles south of Petersburg, is the second golf course in Emerson’s bag. He founded and built the Highlands Golf Course in conjunction with the surrounding Highlands subdivision in Chesterfield in 2001.
The new ownership group, which Emerson said includes investors he worked with on the Highlands project, bought Prince George from First Community Bank, which had taken the property back through foreclosure in November.
George Emerson
Emerson would not say how much they paid for the club, and Prince George County records do not yet list the sale.
“It was very, very cheap,” Emerson said, adding that they will operate the club as a public course.
Prince George County records show the course went back to First Community in foreclosure at a price of $364,000. The property has an assessed value of $1.14 million.
Emerson is a veteran local developer operating through his Emerson Companies and Plus Management. He’s a major homebuilder, particularly in Chesterfield County, and with his partner Phil Roper has a $20 million, 11-story apartment building going up near VCU.
To run the course and lead its makeover, Emerson tapped Rick Bealert, who was most recently general manager and head pro at Jordan Point Country Club in Hopewell.
Bealert said the new ownership group is funding renovations to and maintenance on the club, including the purchase of 50 golf carts, a $30,000 renovation to the pro shop, and seeding, fertilizing and other work on the course itself.
Rick Bealert (Photo by Michael Schwartz)
“It’s been a massive undertaking,” Bealert said. “We want people to come out and play golf, and we want it to be as nice as it can be.”
Prince George Golf Club has seen its share of trouble over the past year. Its previous owner, Ronnie Kelley, put the course in Chapter 11 bankruptcy in February 2013 to stave off First Community’s attempt at foreclosure.
The bank fought back in federal bankruptcy court, arguing it should be allowed to take back its collateral. A judge agreed, and the foreclosure auction was set.
The course has been closed since the bank took it over, but the new ownership team has been in control for about five weeks and is getting ready to reopen.
“We’re spreading the word that it’s in new hands, and we’re looking at moving forward,” Bealert said. “We’re going to invest whatever it needs to get this course back in a better condition.”
Bealert said they are shooting to have the course open for play Jan. 7, weather permitting.
Special winter rates include $25 per round for weekend play and memberships for $800 a year, Bealert said.
Prince George is the second local golf course to change hands in recent months. Independence Golf Club, which sits on the Chesterfield and Powhatan County line, was acquired in October.