Packsaddle Country Club & Development Lots
near the Highland Lakes area
BANKRUPCY SALE $6,300,000
including 194 Developed Lots
+ 20 Undeveloped acres
Property:
- 194 Residential developed lots approximately ¼ acres each, all utilities
- 20 additional undeveloped acres
- Country Club 3,500 sf Club house, 3,000 sf pro shop, 1,200 office, maintenance barn, cart barn, swimming pool
- 18 hole newly re-developed golf course
Appraisal: $9,200,000
Price: $6,300,000 BANKRUPCY SALE!
Terms: Cash, 3rd party financing
Location: Highlands Lakes area, TX
Packsaddle Country Club and development was created in 1968 upon the construction completion ofthe 18 hole golf course. All lots in Royal Oaks Subdivision were ¼ acre in size. Although the developers were successful in selling lots the development never took off until Joy Rucker, current owner, became involved. In 1995, Ms. Rucker bought the golf course & 110 lots associated with it. The 110 lots were sold out over the next 7 years.
After operating for 35 years, the golf course was completely renovated. The course was re-routed to expand the development to 280 homesites. The renovation was a complete make-over of the golf course and buildings. Packsaddle is located along River Oaks Drive, in the city of Kingsland, Llano County, Texas. The project is situated on 241.97 acres and has a remodeled Clubhouse containing 3,720 square feet, including a banquet room, bar, kitchen, and men’s and women’s restrooms. The office building contains 1200 square feet and has four offices. The remodeled Pro Shop contains 2,800 square feet which includes a large showroom, snack bar, and men’s and women’s restrooms. The Maintenance/Cart Building contains 5,850 square feet, including offices, restrooms, break room, mechanics shop, chemical storage room and individualized cart storage area for member.
The renovations of the golf course included Tifdwarf Grass greens and 419 Bermuda fairways. The length of the course is 6,855 yards at the tournament tees. The new course is designed by Jerry Slack and Leon Howard and is a good quality course in excellent condition. In Addition, the golf system contains a new Rainbird double-row irrigation system, and complete practice facility with a double-ended driving range, one 10,000 square foot putting green and a practice facility area with a chipping green.
Lots sales for the past three years have averaged 40 lots per year. There is also 20 acres of undeveloped land that was planned for a phase III.
Broker Contact: Republic of Texas, Realtors, Inc. Lynn Taylor 512-923-1146