Buyer is sought for financially troubled Churchill Valley Country Club
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Churchill Valley Country Club is up for sale.
The 147-acre club that straddles Churchill and Penn Hills was placed in receivership Jan. 14 after PNC Bank filed suit Jan. 10 in Allegheny County Common Pleas Court to collect on a mortgage that the club and Beulah Road Land Co., the guarantor, owed.
"Originally [it was] just under $1.4 million, but interest has accrued since then," said Joe Rattigan, the club's general manager.
"The club has been struggling financially for a while now," said Maggie Good, president of Meridian Financial Advisors Ltd., the receiver. "We're currently talking to buyers, talking to people who have interest in keeping it a golf course or as a private club. Some people are interested in residential or commercial [uses]."
Mr. Rattigan estimated the number of inquiries at about a thousand.
No sale price has been set, however, and the court would have to approve any sale.
"I don't think anyone's gone far enough down that road," Ms. Good said.
Complicating matters is the new countywide property reassessment.
"With the new tax assessment, it increased the value almost fourfold," Ms. Good said, "and it is a potential issue with prospective buyers."
The club also owes property taxes to Churchill, Penn Hills and the Woodland Hills and Penn Hills school districts, although neither Ms. Good nor Mr. Rattigan had specific figures at hand.
"Between the two school districts and two [municipalities], we're trying to track that down ourselves," Mr. Rattigan said.
The club, which Mr. Rattigan said was 81 years old, held a National Ladies Professional Golf Association tournament in 1957. During its 1970s heyday, the club had about 1,000 members. The property includes a clubhouse, golf course, swimming pool and parking for hundreds of cars.
First Published February 21, 2013 5:02 am