Colorado town acquires course for $2.5 million

The Town of Gypsum, Colo., has purchased The Cotton Ranch Club, an 18-hole Pete Dye-designed course, for $2.5 million 
The course had been in financial trouble for more than a year. The owners had been in foreclosure and had been purchased by the lender, PMC Commercial Trust, in July.
As part of the deal, Edge Golf Group, which had helped the lender manage and market the property, was hired by the town to operate the course on a long-term contract.
Construction of the course was completed in 1997. It has received recognition as one of the top daily fee golf properties in Colorado.
Facilities include tennis, swimming pool, dining and fitness center. The property had been listed for sale at $3.65 million. 

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