Owners no longer trying to sell Southern Hills Golf Course
The owners of Southern Hills Golf Course are taking their property off the market.
Minneapolis-based Newman Golf, which owns Southern Hills and another golf course in Chippewa Falls, Wis., announced Monday that it is no longer trying to sell either property.
Newman listed the 117-acre Southern Hills property for sale in March of 2011 with an asking price of $5.4 million.
"Newman Golf has recommitted itself to the long-term ownership and operation of these two fine golf properties," Grady Newman, Newman Golf's CEO, said in announcing the decision. "Having gone through a challenging recession, we are really excited for the future of the business."
Newman said the company has added "significant resources" to its balance sheet and plans several improvements to courses and club houses at both course.
The sale of Southern Hills has loomed as a possibility for several years. Rumors of a sale circulated in 2006 and 2007, and the developer of the nearby Providence housing project acknowledged there were discussions about buying some of the golf course land for future development. As construction slowed statewide, though, the sale never materialized.
Golf course staff said at the time the rumors led to a decline in business and to a lack of interest in maintaining the course.
There was a renewed commitment to the course in 2007, though, with new money for mowers and a fleet of new golf carts.