Oakhurst Links, one of America’s oldest golf courses, was sold at auction on July 29 for a paltry $410,000.
Owner Lewis Keller Sr. didn’t think it was enough and, apparently, neither did a bank which holds a note – and therefore a lien – on the property.
Sonabank, a Virginia-based state bank, said the property must sell for at least $700,000 to pay off the loan, which Keller’s sons took out to upgrade the property in 2007, according to Golfweek. The bank could conceivably foreclose on the property if an agreement is not reached on the $290,000 gap between the auction price and the loan payment.
The West Virginia resort, located in the same town as The Greenbrier Resort, requires players of its golf course to use hickory-shafted clubs, play with gutta-percha balls and form tees from sand and water.
Keller has owner the property since 1959, restoring the links in 1994 after a three-year project with architect Bob Cupp. He has been trying to sell the resort for years and, at the auction, was hopeful Greenbrier owner Jim Justice would purchase the property and maintain its 19th-century charm.
An unidentified Wheeling, W. Va., businessman made the winning $410,000 offer. He will not be asked to pay off the debt.