The opening bid is $199,000 plus 10 percent buyer’s premium for Big Sugar Golf Club, according to Russell Huckaby, auctioneer.
“This is not a forced auction,” Huckaby said Tuesday.
Big Sugar is owned by a group of investors - six or seven, Huckaby said - Sugar Creek LLC.
“There are lots of interested buyers,” Huckaby said.
The investors have “other interests” and are “just ready to move on.”
“This is an unusual market. Everything is on a cash basis,” he said.
The auction is at 10 a.m.
Wednesday, Nov. 9, on-site at Sugar Creek Road. Registration begins at 8 a.m. and the property will be available for viewing by appointment.
The auction will be presented by United Country, Market Station Real Estate & Auctioneers, in conjunction with United Country, Brad Wooley Auctioneers.
Sugar Creek LLC is a group of private investors which also owns the subdivisions, which are separate from the golf course.
Rich Hopkins, contacted at the club house, said he is the chief financial officer and has been with the group from the beginning.
The development was approved by the City Council in July 2001 and it opened in 2002.
Big Sugar Golf Club is a 162-acre property with 18 holes of championship golf. It features scenic hills, draws, valleys and Little Sugar Creek that winds its way throughout the course. Patrons can choose from five tee boxes of differing skilllevels on this challenging course with frequent elevation changes and over 7,200 yards of golf. The course features Bermuda 419 tee boxes, Zoysia fairways and L93 Bent grass greens. There is a practice range and putting green. The clubhouse features 1,200 square feet of covered deck overlooking the course and Little Sugar Creek. The facility includes a pro-shop, restrooms, offices, as well as a food and beverage area.
In 2007, Maddox Affiliated Group from Colorado proposed a Jack Nicklaus brand design golf community. City planners approved rezoning the development as a Planned Unit Development. Larry Williams, Ken Winters, Shelby Burnett and Mike and Patty Villines were listed at that time assome of the owners of Big Sugar. The Villines are now both deceased. The rezone request was pulled from the City Council agenda.
At that time, city officials were working with Big Sugar owners over water and sewer issues facing the development as more than 900 homes were planned to be added.
Anyone desiring to bid online will need to go to www.
proxibid.com/wooleyauctions a minimum of three days prior to the event and meet special conditions required to be a confirmed online bidder.
Detailed information about the property for sale, as well as details about the auction, can be found online at www.ArkansasGolf-ClubAuction.com or by calling 866-673-9270.
News, Pages 8 on 11/02/2011