Stone Canyon goes for a song

The Deal Pipeline has the inside scoop on Phil Mickelson’s pending purchase of Stone Canyon Club, in suburban Tucson, Ariz.

The financial journal hasn’t posted its story online, but it reports that Mickelson and his agent, Steve Loy, will pay just $20 for the bankrupt club and its Jay Morrish-designed golf course, fitness center and 25-acre cactus farm. On top of that, the prospective owners say the deal is off unless at least 80 percent of Stone Canyon’s members – that would be 138 of 172 – agree to continue paying their monthly fees for three years.

So why the seemingly sweetheart deal? Maybe it’s because the pair has promised to build a $4 million clubhouse for a golf property that hasn’t turned an annual profit since it opened in 2000.

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