Kinloch golf resort will on the market again

Kinloch golf resort will on the market again

The world-class Jack Nicklaus-designed course and surrounding residential development have been put up for sale by international tender by their owners, the wealthy Van Den Brink poultry farming family. If sold when tenders close on May 19 it will mark the third time the property has changed hands since the legendary American golfer and 18-time major champion Nicklaus helped open the facility in 2007. Now, the future of the property Tiger Is Far From Finished on PGA Tour is unclear, with the Van Den Brinks wanting out barely 12 months after buying the course and development land. While Kinloch is rated by many knowledgeable judges to be among the best, if not the best, golf course in New Zealand, its brief history has been dotted with controversy associated with the housing development. The course was sold by Hanover Finance for $26 million at a mortgagee sale in June, 2008, to Coromandel Investment Trustees (CIT) shortly before the development owners, Kinloch Golf Resort Ltd, whose shareholders included Nicklaus, went into liquidation owing $49m. Hanover lent to CIT before it struck major problems itself and had a heavy debt burden when bought out by rural services company Allied Farmers. Allied Farmers, which inherited the CIT loan, in turn sold the development to the Van Den Brinks. Although the stalled subdivision development has seemingly placed the course itself at risk, one senior golf industry insider and former real estate figure predicts the highly-rated, 6734m par-72 layout will survive. The course has attracted rave reviews in its short history, with US Travel and Leisure Golf Magazine including it among its top 10 new golf courses in the world in 2007, and New Zealand great Sir Bob Charles this year identifying it as the best course in this country. "For those unable to play the great links courses of Scotland, Kinloch compares with the best of them," he said. Michael Pleciak of selling agents Bayleys said the sale had generated plenty of domestic and international interest.