|By Ed Taylor, The Tribune, Mesa,
Ariz.McClatchy-Tribune Regional News
July 31, 2009 --A much-delayed foreclosure sale of the Superstition Mountain Golf and Country Club in Gold Canyon has been tentatively scheduled for Tuesday, Aug. 11, according to the property's trustee.
The club will be sold to the highest bidder at the auction, which will be held at the Pinal County Courthouse in Florence or at the offices of Snell and Wilmer in downtown Phoenix.
Snell and Wilmer is the law firm representing John Deere Credit, the project's senior lender, which is conducting the sale.
The auction was originally scheduled in March but has been delayed several times. The latest date also is subject to change, said Keith Bierman, senior managing director at MCA Financial Group in Phoenix, which is the court-appointed trustee of the project.
Bierman said John Deere Credit, an affiliate of the tractor maker, will become the owner of the property if it is the only bidder. However, he said "there has been some interest," and other bids could materialize.
John Deere Credit has provided financing for the country club for about 10 years and is owed more than $26 million, Bierman has said.
Arizona's weakened economy caused the owner of the property, Superstition Mountain LLC of Scottsdale, to run into financial difficulties and lose control to the lender late last year.
The golf club has continued to operate while under receivership by OB Sports Golf Management of Scottsdale.
The property to be sold consists of the clubhouse, two courses and associated property used for the operation of the courses.
The club is located in a site near the Superstition Mountains, and it hosted the Ladies Professional Golf Association Safeway International tournament for five years. Because of the club's financial difficulties it was not able to host the tournament this year.
ON THE BLOCK: The Superstition Mountain Golf and Country Club in Gold Canyon will be sold to the highest bidder. TRIBUNE FILE
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