Ownership & Management
Textron Financial sells last course
Mt. Woodson Golf Club, Ramona, Calif.
L U B Textron Financial Corp., which entered
the golf market in 1991 and at one time
was the most prominent mortgage lender
in the industry, is officially out of golf with
the sale of its last course, Mt. Woodson
Golf Club in Ramona, Calif.
Textron Financial, whose parent company also owns E-Z-GO and Jacobsen,
made the decision to exit the golf mortgage financing business in late 2008.
(It still finances equipment, including
E-Z-GO golf cars and Jacobsen turf care
At the time, it said it would sell or liquidate approximately $7.9 billion of its
$11.4 billion loan portfolio, including
22 courses that it had repossessed. But,
Textron said it would be patient and drive
value to maximize returns.
Mt. Woodson Golf Club was the first
course Textron foreclosed on and the last
one sold, said Daryl Driscoll, who bought
the course for $1.7 million in February.
Driscoll owns Alliance Golf Management
Services in Henderson, Nev. He said it
took longer for Textron to sell the course
because there were legal conflicts. The
golf course shared property, including a
parking lot, with Mt. Woodson Castle, a
12,000-square-foot home built in 1921.
The castle had also been foreclosed upon,
but by a different lender.
n Kula Golf, which owns Sutton Bay
Golf Course in Agar, S.D., and ArborLinks
Golf Club in Nebraska City, Neb., has
acquired Ballyhack Golf Club, a Lester
George design in Roanoke, Va.
Kula is a Nebraska-based golf real estate
investment company that focuses on ownership of premium and exclusive private
clubs. Kula’s majority owner is an entity
owned by the Peed family of Lincoln, Neb.
Since it opened in 2009, Ballyhack has
been a critical success but a financial
under-performer. It pegged its finances to
membership sales — 60 local members,
200 national members — but its projec-
tions didn’t materialize. A spokesperson
for the property’s management company
told The Roanoke Times that the club
has “pretty much capped out” in terms
of local members and is “looking to find
more regional or national members.” The
Peeds, who are primarily cattle ranchers,
have invested significant proceeds from
their publishing and livestock operations
in land holdings.
Kula expects to continue the exclusive private club concept. The sale also
included 40 unsold residential lots.
Landscapes Management Co. will manage
n Sea Island’s ownership has changed
again. The Anschutz family, led by billion-
aire Philip Anschutz, bought out fellow
investors Oaktree Capital Management
of Los Angeles, Capital Avenue Group of
New York and Starwood Capital Group of
The foursome joined forces in October
2010 to acquire the iconic property for
$212 million when it was in bankruptcy.
According to executives with Anschutz
family businesses, Sea Island, which
hosted the 2004 G- 8 Summit, complements the family’s previous acquisition of
The Broadmoor, a Forbes Five-Star resort
in Colorado Springs, Colo.
Company President Scott Steilen told
The Florida Times-Union that the new
ownership arrangement is “the best possible scenario for the future of Sea Island.”
“Being solely owned by the Anschutz
family will once again bring a level of stability, continuity and long-term commitment to ownership to Sea Island,” he said.
The previous ownership group had
invested heavily in recent years to upgrade
the property, including renovation of the
golf courses and new clubhouses.