The town of Gypsum, Colo., will pay $2.5 million to purchase the financially troubled Cotton Ranch Golf Course.
Officials said they made the move in part to help preserve the value of surrounding homes.
The Pete Dye-designed semiprivate course built in 1997 had gone into foreclosure earlier this year when the owners – CottonRanch Club Inc. and Cotton Ranch Co. LLC – defaulted on a loan from PMC Commercial Trust. PMC had hired Edge Golf Group to manage the course after it took back the course in an auction sale in July.
Town Manager Jeff Shroll said the facility will be operated as an affordable municipal golf course. In-season greens fees currently range from $50 for residents to $95 for non-residents.
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