STOCKTON, California — The Stockton Golf & Country Club has entered foreclosure after defaulting on $8.2 million in outstanding debt.
“The doors aren’t going to close or anything,” the club’s general manager, Rick Schultz, said Tuesday. “Nothing’s changing in the club on the front side.”
A public auction is scheduled for October 17, according to a legal notice published in The Record on Tuesday, October 11.
The impending sale of the waterfront property stems from loans the club took out with the Bank of Stockton to build the clubhouse, Schultz said.
The organization’s unpaid debt is backed by the club property, including a 44,000-square-foot clubhouse, which was unveiled in 2006.
The club, which was founded in 1914 as one of only 12 golf courses in California according to its website, entered discussions with the bank after business took a downturn during COVID-19, according to Schultz.
A view of the original Stockton Golf & Country Club clubhouse looking west. (Belcher Photography, Richard Belcher Photography)
“When you lose all your revenue, banquet and food and beverage revenue, [it’s] pretty tough,” he said.
When the pandemic hit, the club lost about $1.9 million and laid off staff, the general manager told The Record in April.
Then, when COVID restrictions were lifted, demand for banquet services picked up but the club had trouble finding employees, he said.
“The bank has been great. They’ve helped the clubhouse multiple times throughout the year,” he added. “We feel like together we’ll be able to help it … survive.”
Multiple potential buyers are interested in the property, Schultz said. “We’ve got a couple groups within the membership that are looking to help us over the hump.”
Famous golfer Walter Hagen playing an exhibition at Stockton Golf & Country Club in the 1930s. (Richard Belcher Photography)
Schultz did not specify who is interested in the property. The Bank of Stockton could not immediately be reached for comment.
In addition to countless golf tournaments, the club has hosted numerous community events over the years, including the ATHENA Awards and Susan B. Anthony Awards.
“How many charitable organizations raised money in our building? How many deals were done?” Schultz said.
“There are discussions going on, and the hope and the desire of membership is that the tradition of the Stockton Golf & Country Club goes on forever … no matter the ownership,” Doug Wilhoit, a club…
..
Click Here to Read the Full Original Article at Golfweek…