Saddlebrook Golf Course, a 135-acre property in Pike Township, is set to be auctioned off in four pieces later this month, triggering interest from real estate developers and golf course operators.
The course, which was developed in 1994 by Indianapolis-based RN Thompson, is in a crowded golf corridor on the northwest side of Indianapolis that includes Broadmoor Country Club and Highland Country Club. Saddlebook is configured on a thin north-to-south strip running parallel to West Kessler Boulevard North Drive, and is bisected by West 56th Street.
The course’s owner, Indianapolis-based Cooprider Golf & Recreation Inc., was more than $2.4 million in debt when it was sued in December by First Financial Bank. A court in December appointed a receiver, setting the stage for the auction.
Cooprider Golf & Recreation, run by Liz and Tom Cooprider, is well known in local golf circles, having managed a number of area courses including Sahm Golf Course and other municipal courses.
Mike David, the executive director of the sanctioning body Indiana Golf Office, said Saddlebrook has been struggling for some time.
“The economy is doing a bit better, but the market is still overbuilt,” David said. “We still have more courses than players.”
The auction is set for March 23. Its zoning allows for various uses, including planned unit development, agricultural and restricted industrial.
Saddlebrook had an assessed value in 2015 of $1.13 million.
In addition to an 18-hole golf course and a driving range, the parcel includes a 2,900-square-foot clubhouse and banquet hall and two storage buildings totaling 8.400 square feet. The auction listing says the facility is ready to be reopened for spring play, but also would be prime property for redevelopment.
The course is being offered in a multi-parcel format:
— Lot 1, which includes the clubhouse storage buildings and holes 10, 11, 12, 13, 16, 17 and 18;
— Lot 2, which includes the driving range and holes, 1, 2, and 9;
— Lot 3, which includes holes 3, 4, 5, 6, 7 and 8;
— Lot 4, which includes holes 14 and 15.
The auction will not have a minimum bid requirement, said Seth Seaton spokesman for Key Auctioneers, which is handling the sale.
“We have had some good interest from both golf course operators and developers,” Seaton said. “We expect this auction to be very well-attended.”
Key will host an on-site preview of the property on March 15.
Immediately after the real estate sale, Key will auction off Saddlebrook’s banquet table and chairs, commercial restaurant equipment, office furniture and golf course maintenance equipment.