The lawyer overseeing the bankruptcy of The Bull at Pinehurst Farms told a federal judge Friday that two parties have indicated an interest in making an offer to buy the financially troubled golf course.
However, Virginia George, who was appointed as trustee by the bankruptcy court, said neither party has so far submitted a written offer. She said an offer from one potential buyer, identified during a brief court hearing as Double Eagle Ventures Group, is “imminent.”
The other party was identified only as a West Coast group. No other details were offered.
Friday’s hearing, conducted by conference call, had initially been requested by George to get the court’s approval of an offer by Milwaukee businessman Scott Molitor to buy The Bull, as the course is known for short, for $3.1 million. That offer had been accepted by Wisconsin Bank and Trust, which is owed $4.2 million by the course’s previous owners.
However, Molitor abruptly withdrew his offer two weeks ago just days before it was set to be presented to the bankruptcy judge, citing issues that had come up while conducting due diligence. At Friday’s hearing, George formally withdrew her motion to sell the course and other property to Molitor, whose lawyer has also filed a motion seeking the return of earnest money.
George also told the judge she is unlikely to get another offer for $3.1 million. A lawyer for the bank had said previously that if a lower offer is submitted the bank would have to consider its options because “banks aren’t in the business of running golf courses.”
Richard Hahn, the bank’s lawyer, told the judge Friday the bank was “pleased that there a couple of interested parties in the golf course,” but noted any optimism was guarded by the many uncertainties posed by the COVID-19 crisis.
No further court date has been scheduled.
The Bull at Pinehurst Farms opened in 2003 on property near Sheboygan Falls that previously had been used for a prominent cattle-breeding operation. It quickly found a place on many best-course lists and hosted a number of high-level state tournaments but struggled financially. A sheriff’s sale scheduled for late last year was canceled at the last minute after principal owner David Bachmann filed for bankruptcy, which then set in motion efforts to find a buyer.