ELYRIA — Members of the financially struggling Spring Valley Country Club soon will be considering several offers to purchase the club.

At least two of the offers are from housing developers intending to turn the 165-acre property into housing units, according to Stephen Meckler, attorney for the country club.

Although it hasn’t been appraised yet, Meckler guessed the property is worth at least $3 million.

Letters have been sent to the membership requesting they attend an upcoming meeting where they will hash out the details from all the offers, said Dennis Fujka, a member of the club’s board of directors.

Approval from more than 50 percent of the members, who each own a share of the club equity, is required to sell the property.

“Everybody wants to see this thing sold,” Meckler said.

The country club off Gulf Road has recently been mired in financial problems, partly due to declining membership, Fujka said.

Last week, First Place Bank filed a foreclosure action on the club, saying it owes more than $1.7 million on a $2 million loan it took out in 2004. A day later, the company that rents the country club’s golf carts filed a lawsuit accusing the club of being $43,500 behind in its payments.

“In the event that the property sells prior to being sold at a foreclosure sale, everybody should get paid in full because I believe the contracts they’re pursuing will be enough to cover all the debt,” Meckler said.

If the property is foreclosed on, it may sell for only two-thirds of the value, he said.

The club, which celebrated its 50th anniversary last year, has an 18-hole golf course, Olympic-size swimming pool, private meeting rooms and a formal ball room. It is currently closed, but it is scheduled to reopen in March.

Mayor Bill Grace wasn’t aware of the offers on the club until he was told about them Thursday.

“I hate to see it go as a golf course,” Grace said. “It’s been a beautiful, nice asset enjoyed over many years, but times change and it has become less economically viable, so something had to happen.”

Meckler said the housing developers want to keep the clubhouse and swimming pool as part of the housing development. He said he expects the country club to be an attractive buy.

“It’s 165 acres of prime land in the heart of the Elyria residential area,” he said. “It’s too bad this has happened, but something good will go there.”

Contact Adam Wright at 329-7151 or awright@chroniclet.com.

---

Print this story
Report an inappropriate comment

---

In order to comment, you must agree to our user agreement and discussion guidelines.

Need help? Email Us.

---