Members to sell Illinois club for $1.2 million

Members of Canton Country Club in Canton, Ill., voted in early April to sell the club to an investment group headed by Jim Petersen, owner of Wee-Ma-Tuk Country Club in Cuba, Ill. The price for the club, originally opened in 1912, was $1.2 million.
Financial problems arose when club members nine years ago decided to build a new clubhouse and suffered a loss in membership when dues were raised to finance the construction loan.
An LLC was formed with member-investors to share in any funds raised by sale of adjoining club property for residential lots, but income from sales and dues was insufficient to fund operation of the club.
Petersen, who indicated he would take about three weeks to perform necessary due diligence before officially closing the sale, said he plans to convert the facility to a public course. 

Add new comment

By submitting this form, you accept the Mollom privacy policy.
If you enjoyed this article and would like to sign up for a FREE digital subscription, click here!