Charles Schwab Challenge

Colonial Country Club


What Will Become Of Hasentree?

March 22, 2009

Hasentree, the Wake Forest, N.C., golf community with a Tom Fazio-designed course, went to auction Friday and SunTrust Bank was the only bidder. It offered $32.4 million for the course and about 650 unsold lots. Other potential bidders have 10 days to make higher offers before SunTrust takes ownership.

Where are these other bidders going to come from? That is a tough one...

Lots at Hasentree are priced from $800,000 to $5 million. Only about 50  have sold, reports the Triangle Business Journal. Another 35 lots have developer-built homes.

SunTrust is owed nearly $40 million by Creedmoor Partners, the Raleigh developer behind the Hasentree club. The bank began foreclosure proceedings last year and has delayed the auction several times, presumably hoping other bidders will materialize.

Here's a report in the Charlotte News & Observer.

-- P.F.