Superstition Mountain Auction Set

February 14, 2009

It's not every day one gets the chance to buy a golf community that has hosted a Champions Tour major and an LPGA tournament. But real estate investors will have that opportunity March 19 in Florence, Arizona, when a court-appointed receiver plans to auction off Superstition Mountain Golf and Country Club, located in nearby Gold Mountain, a suburb of Phoenix. Details here.

The auction is being conducted by John Deere Credit, the financial lender behind the property. But shoppers better bring a hefty checkbook: According to the story, John Deere Credit owes $26 million on the property, and "once the bids are submitted, John Deere Credit could accept the highest bid or could bid on the property itself and become the owner."

Superstition Mountain is a 930-acre development with golf as its core: two Jack Nicklaus designed courses with all the amenities, including a 12-acre practice facility and a one-acre putting green. The club hosted the LPGA's Safeway International from the 2004-2008, and the 2002 Countrywide Tradition, a Champions Tour major.

-- G.R.