HAVERHILL - The elite Renaissance Golf Club, which is assessed by the city at $3.5 million, will be sold at auction because its owners failed to pay its mortgage, said the management firm taking over the club.
The property will be resold and is likely to remain a private golf course, said Timothy Cole, president of Newton-based Southworth Golf Management. The firm said it is likely the club's 100 members will be able to continue with their golfing and other club-related activities.
The club has a goal of increasing its membership to 350, Southworth officials said.
Cole said his company was hired by the lending institution, which seized the course due to foreclosure proceedings. He said the previous owners did not pay their debt.
"The ownership entity just got itself into trouble," Cole said, adding that the golf course itself was "very successful."
The current owner of the mortgage is Fairway Onshore Loan Fund, according to a legal notice. The auction is April 25 at 11 a.m. at the golf complex, which sprawls across 197 acres in the city's rural Kenoza Street area.
The course opened in 2005 with nine holes and added another nine last summer.
Membership costs $6,750 a year for a family and $5,000 a year for an individual, Cole said. The club plans to open for the season next month, he said.
City Planning Director William Pillsbury said Renaissance is an important property in Haverhill. It is regarded as one of the top courses on the North Shore. Last year, it earned high praise in Golf Inc. magazine as runner-up in the "development of the year" contest, losing to a Jack Nicklaus-designed course in Delaware.
"We would want to see it be as successful as possible," Pillsbury said of Renaissance. "It's a fantastic golf course and a fantastic asset for Haverhill."
Cole said the lending institution, which he would not identify, would likely buy the golf course during the auction.
Renaissance was originally developed by Paul D. Quinn and Haverhill native Michael A. Zmetrovich. The course was built on 197 acres and included plans for 60 to 65 homes that will sell in the $500,000 to $700,000 range.
The homes are still being built, many on the slopes of what developers dubbed "Overlook Hill." The homes have views of not only the golf course, but the Merrimack River Valley, West Newbury and Southern New Hampshire.
The property will be resold and is likely to remain a private golf course, said Timothy Cole, president of Newton-based Southworth Golf Management. The firm said it is likely the club's 100 members will be able to continue with their golfing and other club-related activities.
The club has a goal of increasing its membership to 350, Southworth officials said.
Cole said his company was hired by the lending institution, which seized the course due to foreclosure proceedings. He said the previous owners did not pay their debt.
"The ownership entity just got itself into trouble," Cole said, adding that the golf course itself was "very successful."
The current owner of the mortgage is Fairway Onshore Loan Fund, according to a legal notice. The auction is April 25 at 11 a.m. at the golf complex, which sprawls across 197 acres in the city's rural Kenoza Street area.
The course opened in 2005 with nine holes and added another nine last summer.
Membership costs $6,750 a year for a family and $5,000 a year for an individual, Cole said. The club plans to open for the season next month, he said.
City Planning Director William Pillsbury said Renaissance is an important property in Haverhill. It is regarded as one of the top courses on the North Shore. Last year, it earned high praise in Golf Inc. magazine as runner-up in the "development of the year" contest, losing to a Jack Nicklaus-designed course in Delaware.
"We would want to see it be as successful as possible," Pillsbury said of Renaissance. "It's a fantastic golf course and a fantastic asset for Haverhill."
Cole said the lending institution, which he would not identify, would likely buy the golf course during the auction.
Renaissance was originally developed by Paul D. Quinn and Haverhill native Michael A. Zmetrovich. The course was built on 197 acres and included plans for 60 to 65 homes that will sell in the $500,000 to $700,000 range.
The homes are still being built, many on the slopes of what developers dubbed "Overlook Hill." The homes have views of not only the golf course, but the Merrimack River Valley, West Newbury and Southern New Hampshire.
The homes are not part of the foreclosure process, Cole said.
Future plans for the club include construction of modular buildings as a temporary clubhouse, with plans to build a permanent structure at some point. Construction of the pool house and snack bar will also be finished, Cole said.
According to city assessing records, the club is assessed at $3.5 million.
Renaissance is one of five 18-hole courses in Haverhill. The others are Bradford Country Club, Haverhill Country Club, Crystal Springs Golf Course and Far Corners. The city also has the smaller nine-hole Murphy's Garrison Par 3.
Cole said the past management failure has nothing to do with the course's location in Haverhill. He said the market for a private course is strong in Greater Haverhill.
"There are ample potential members in that overall marketplace," he said.
PG1 BOX
Renaissance Golf Club
Address: 197 acres at 377 Kenoza St.
Assessed value: $3.5 million
Course: 18 holes
Membership: 100, with a goal of reaching 350
Membership fees: $6,750 a year for a family; $5,000 for an individual
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