Not every golf course operator is running for the hills, metaphorically speaking. One is running to them.
Jim Justice, who picked up the famed Greenbrier golf resort a year ago at the relatively bargain price of $20 million, just added another big West Virginia mountain resort and golf community, Glade Springs, to his portfolio. A price was not disclosed after a European backer of Glade Springs ran into money problems.
The two resorts are just 35 miles apart, and golf junkies who stay at either can now play a week’s worth of good courses in a single golf package. And if one resort is filled with guests, the other can handle the overflow. The purchase includes the resort and its amenities but not the Glade Springs real estate.
The most celebrated course at Glade Springs was the work of George Cobb, and the other two are by the design house of Ault & Clark. The Greenbrier Resort dates back to the 18th Century and has hosted U.S. Presidents and international dignitaries. The Old White Course, the handiwork of two legendary designers, C. B. Macdonald and Seth Raynor, opened in 1914. The Greenbrier Course, an original Seth Raynor design, was updated by Jack Nicklaus in 1977. The Meadows course, which was totally renovated in 1999, is attributed to both Dick Wilson and Bob Cupp.
Homes connected to the Greenbrier Sporting Club run well into the millions of dollars. Homes in Glade Springs are much more modestly priced, with the “sweet spot” appearing to be the mid-six figures.
The L.A. Times has a story about the sale of Glade Springs. Click here to read it.