IE Business Daily Business news for the Inland Empire.
A Lake Elsinore golf course will soon have new ownership.
A U.S. District Court in Los Angeles has approved a court-appointed receiver’s plan to sell the Links at Summerly for $750,000 to China Universal Business Group, according to a report in The Press-Enterprise.
That was the highest bid made on the property. Neither its former owner, Corky McMillin Cos., or the city of Lake Elsinore expressed interest in buying the property, the report stated.
By law, the property can only be used for golf and activities related to golf. Lake Elsinore officials agreed to sale and will make certain the new owners hire a qualified golf course management company.
Two years ago, a business called Kingdom Capital Market bought the golf course from McMillin for $1.65 million. Prosecutors allege that Kingdom Capital was one of several front companies in an investment scam that helped pay for the Lake Elsinore course and Glen Ivy Golf Club in Corona, the report stated.
Links at Summerly is Lake Elsinore’s only golf course. It opened in 2008 as part of the Summerly residential development but fell into trouble when the project’s developer fell into bankruptcy and was placed in receivership.
