Morningstar Golf Course and an adjacent development site near Parksville are for sale at an undisclosed price.
The 187-acre golf course property, with Edmonton owners, went into receivership this year with debts of about $13 million, said court-appointed receiver manager Gary Powroznik. A range of improvements on the 18-hole course have been completed, including upgraded irrigation, new food and beverage services, repaired greens and equipment and additional staff, he said.
To make the property more attractive to a potential buyer, Powroznik is offering 22.8 acres of vacant land next to holes six and seven for sale.
The lot is not part of the receivership and is under different ownership. Golf courses and residential development often go hand-in-hand.
The owner of the lot has received conditional approval from the Agricultural Land Commission to exclude 10.6 acres from the Agricultural Land Reserve. T
his area has “residential development potential, subject to rezoning, subdivision and other approvals,” the marketing brochure states.
Offers can be submitted for one or both properties, Powroznik said. He anticipates that together, the properties will sell for between $4 million and $5 million. Features include a two-storey clubhouse with a restaurant and bar. A total of 20,000 rounds of golf were played last year. The average ANNUAL revenue for the past six years was $1.5 million, with $1.225 million coming from golf operations.
The club has about 100 members. A membership blitz is starting soon in the hopes of building members to 200 OR 300, he said.
Les Furber was responsible for designing the course.
“It was one of the premier golf courses on the Island when it was started in the 1990s,” Powroznik said.