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News

Bankruptcy Sale of Luxury Lake and Golf Course Community located 20 minutes east of Pinehurst, North Carolina Announced by Hilco Real Estate

Feb 18, 2015
Hilco Real Estate engaged to sell Golf Course Country Club Community in court ordered bankruptcy sale.

Woodlake Country Club features a 1,200 acre private lake surrounded by two championship golf courses designed by Arnold Palmer and Ellis Maples.

February 17, 2015:  Northbrook IL — Hilco Real Estate (www.HilcoRealEstate.com) announced an upcoming bankruptcy sale of the Woodlake Country Club located in Vass, North Carolina on March 26.  Hilco Real Estate Auctions, LLC (a unit of Hilco Real Estate) was retained in bankruptcy proceedings to sell the property which includes a 1,200 acre lake, two world-class golf courses and a portfolio of residential lots ready for development all within minutes of Pinehurst, Fort Bragg, and Fayetteville, North Carolina. 

Woodlake is a gated community nestled in the rolling Sandhills region of North Carolina, famous for its golf amenities and natural beauty.  Set along US-1, the property provides convenient access to Raleigh and the Raleigh/Durham International Airport, as well as employment opportunities and entertainment options within the Research Triangle.  The property’s centerpiece is an expansive 1,200-acre private, man-made lake, the largest of its kind in North Carolina.  The lake is bordered by two championship golf courses, the Woodlake-Maples Course designed by Ellis Maples, and the Woodlake-Palmer designed by Arnold Palmer.  The Maples course is considered one of the most challenging in the Southeast with a USGA rating of 73.4, and has played host to the Carolinas’ PGA Match Play Tournament, while the par-72 Palmer course offers fair and challenging golf for all levels of play.  The offering also includes over 600 lots, including 113 lots that are buildable for luxury residences. 

In addition, the offering features a 21.6-acre development parcel located near the center of the property.  This site is potentially ideal for the construction of a full-service boutique hotel, providing “stay and play” opportunities for visitors and guests.

At the heart of the property sits the Historic Oates House, which serves as Woodlake’s clubhouse, and is home to a full-service restaurant with commercial kitchen, pro shop, banquet facilities and management offices.  The landmark building was constructed prior to 1800 in Fayetteville, North Carolina, then relocated to Woodlake and restored to its current grandeur. 

Woodlake Partners, LLC, the owner of Woodlake Country Club, filed for Chapter 11 bankruptcy protection in September of 2014.  As part of the bankruptcy proceedings, the court appointed Richard Hutson II, Esq. as Chief Restructuring Officer to oversee the process. 

Regarding his decision to move forward on the sale of the property in its entirety, Mr. Hutson said, “In an effort to identify a new owner that has the ability to make the necessary capital investments into Woodlake thereby preserving the value of the community, we elected to implement a national accelerated marketing program.  We believe that by selling the property in this manner, we will be able to reach a national market of buyers, which will ultimately have a positive long-term impact on the owners and staff at Woodlake.”

The live auction event will be held on-site on March 26, 2015.  Registration will begin at 11am, with the auction commencing at noon.  In order to participate in the auction, bidders are required to provide certified funds in the amount of $100,000 as earnest money.

Interested buyers can tour the property on February 26, March 5, 12 and 19 between 11:00 am and 2:00 pm.  Please call 888-260-5893 for more information.

“This property is well suited for an owner developer that can pick up where the current owner left off.  Discerning buyers will immediately see this as an exceptional value-add opportunity” said Jeffrey Azuse, Senior Vice President of Hilco Real Estate. 

Mr. Azuse further noted, “With the potential to be on par with other golf destinations in the Southeast, the sale of Woodlake Country Club represents a once-in-a-lifetime opportunity for the owner/operator, investor or developer to name their price on this hidden gem.”

A detailed Virtual Data Room is available for the property, containing specific information, an explanation of the auction process and the Terms of Sale.  To obtain access to the Virtual Data Room, please contact the Project Manager at (888) 260-5893.

For more information about qualifying to bid and further details about this property or other properties available at auction, please visit www.HilcoRealEstate.com.

About Hilco Real Estate::  Hilco Real Estate (“HRE”), a Hilco Global company (www.hilcoglobal.com), is headquartered in Northbrook, Illinois (USA).  HRE is a national provider of strategic real estate disposition services.  Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets.  By leveraging multi-faceted sales strategies & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

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