The Ironhorse Country Club sold Monday at a federal bankruptcy auction for $2.85 million to businessman Thomas O'Malley. O'Malley, chairman of Switzerland-based refiner Petroplus, was one of three qualified bidders including Professional Golf Acquisition Inc., and Point Breeze Holdings, LLC, which is owned by Palm Beach Polo owner Glenn Straub.
The club, which filed for voluntary Chapter 11 reorganization in January, had signed an agreement with O'Malley for him to purchase the club for $2.4 million. But Page said Wachovia, Ironhorse's lender, was not happy with the price and instead wanted it subjected to other bids.
Palm Beach County property records show the 113-acre golf course and country club had a 2009 market value of $5.86 million.
"A loud roar went up when O'Malley was the winner," said Robert Naples, president of the member-owned club association, which will likely dissolve with the new leadership. "He has shown such tremendous kindness to everyone at the club."
The Ironhorse community, which is near Beeline Highway and Jog Road, has 324 homes.In December, an appeals court backed a circuit court ruling that said Ironhorse could not require residents to buy memberships to the club.
I'm not sure how this last part will play out with the other local clubs. Most require purchase of a membership with a home.
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