Cherokees purchase Alabama course for $13 million

A union of Cherokee tribal members called Cherokees of Alabama purchased River Trace Golf Course in East Gadsden, Ala., in early May, with plans to redevelop the golf course acreage for residential, commercial and hotel/casino applications.
The 260 member shareholders in the course will have to find somewhere else to play golf, but they should be able to afford it – the former Goodyear Golf Course they bought in 2000 for $1.8 million reportedly was worth more than $13 million to the Cherokees of Alabama.
A portion of the purchase price will go to pay off a $2.5 million loan and other expenses, as well as corporate taxes. The club’s membership was reportedly able to support club operations, but was not sufficient to pay down the debt service.
Earlier negotiations to sell the club to commercial and retail developers, including Home Depot and others, had fallen through. The course will reportedly be open through the end of June before closing.     

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