Top Western Australia golf club up for sale by mortgage holder

The Cut golf complex, south of Mandurah in Western Australia, may be sold to pay off a $3.6 million note remaining from the original purchase price just over four years ago of $10 million.
The Cut has been host to numerous high profile events, including the Western Australia PGA tournament.
The course has been successful by some measures, with approximately 500 active members, but the recent credit crunch has made paying off the mortgage indebtedness difficult.
The club’s owner is Vive Holdings Ltd, which owns the Vive Golf Pty Ltd freehold ownership entity and the Hamsted Pty Ltd leasehold manager. Troon Golf was recently appointed to operate the club.
Vive Holdings Director John Pilley was quoted as saying that the club might yet find private investment that would forestall a sale, but said that Vive Holdings owed it to the club’s members, creditors and staff to get the best possible price for the club if no investor is located.     

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