One of the dried-out greens at River’s Bend golf course. (BizSense file photo)
The tale of a shuttered local golf course took a dogleg turn toward a new chapter last week.
The 225 acres of River’s Bend Golf Club in Chester were foreclosed on at an auction held Friday morning on the steps of the Chesterfield County courthouse. The dormant property was taken over by an entity controlled by the family of local hotelier PC Amin, which is the noteholder of the loan secured by the golf course.
The foreclosure clears a path toward the likely sale of the course to Charlottesville developer Justin Beights and his new land conservation firm Renovo, which has the property under contract.
Renovo has proposed a business model of conserving much of the golf course’s land to generate returns from a variety of government programs that offer tax credits and deductions from conservation easements, stream restoration, wetland mitigation and nutrient credit creation.
Friday’s foreclosure involved two parcels that encompass River’s Bend’s 225 acres at 11700 and 11929 Hogans Alley. Much of that acreage is riverfront property that sits across from Henricus Historical Park.
Beights, a UVA graduate with a background in real estate development, also put the Royal Virginian golf course in Goochland County under contract in October.
He didn’t return calls by press time.
The foreclosure takes River’s Bend out of the hands of longtime owner Ronnie Kelley, a veteran local golf course operator.
Kelley said he couldn’t comment on the situation.
Amin, a River’s Bend resident and former investor in the golf course, used his LLC to buy the note on the property in 2009.
One of the dried-out greens at River’s Bend golf course. (BizSense file photo)
The tale of a shuttered local golf course took a dogleg turn toward a new chapter last week.
The 225 acres of River’s Bend Golf Club in Chester were foreclosed on at an auction held Friday morning on the steps of the Chesterfield County courthouse. The dormant property was taken over by an entity controlled by the family of local hotelier PC Amin, which is the noteholder of the loan secured by the golf course.
The foreclosure clears a path toward the likely sale of the course to Charlottesville developer Justin Beights and his new land conservation firm Renovo, which has the property under contract.
Renovo has proposed a business model of conserving much of the golf course’s land to generate returns from a variety of government programs that offer tax credits and deductions from conservation easements, stream restoration, wetland mitigation and nutrient credit creation.
Friday’s foreclosure involved two parcels that encompass River’s Bend’s 225 acres at 11700 and 11929 Hogans Alley. Much of that acreage is riverfront property that sits across from Henricus Historical Park.
Beights, a UVA graduate with a background in real estate development, also put the Royal Virginian golf course in Goochland County under contract in October.
He didn’t return calls by press time.
The foreclosure takes River’s Bend out of the hands of longtime owner Ronnie Kelley, a veteran local golf course operator.
Kelley said he couldn’t comment on the situation.
Amin, a River’s Bend resident and former investor in the golf course, used his LLC to buy the note on the property in 2009.