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Since the closure of Malibu Country Club in the fall of 2014, there has been minimal to no activity on the property. Site maintenance has come to a complete halt allowing the golf course to become overgrown and is now unrecognizable as the well manicured golf facility it once was.
News concerning the future of the 650 acre property since the 2014 closure has been nothing but rumors until last week when it was confirmed that the property was purchased by a Chinese investment company called Shinhan Golden Faith International Development. The cash deal was closed on Tuesday, August 30th for a total of $30.5 million.
The property was previously owned by a group called the Malibu Associates which was founded by Dick Fuld, the former head of Lehman Bros. The Malibu Associates lost ownership of the property when they defaulted on a $47 million loan. The group had planned on turning the property into a golf resort with onsite guest lodging and classrooms. They were never able to begin construction, however were able to obtain building permits for the property which will be beneficial to the new Chinese owners.
The LA Times was able to speak to Bill Hoffman, chief executive of Trigild, a San Diego property management company appointed by the court to handle the sale of the property. The Times explained in an article that Hoffman was unable to provide more information about the company due to confidentiality agreements. However, the article did mention that golf courses are increasingly becoming targets for redevelopment projects because of the burst of the golf industry bubble.
Although little is known at this time about the company or the exact plans for the golf course itself, longtime Malibu golfers can only hope that they can return the course to the familiar form they were once used when it provided a local feeling.
We hope to hear updates about the progress of the property and will keep our audience updated once we know anything.