Prospective buyers gathered at the Washoe County Courthouse Tuesday for a chance to own the foreclosed D'Andrea Golf Course in Sparks.
The 11am public auction took place on the steps of the courthouse, located at the corner of Virginia and Court Streets in downtown Reno.
It took less than 15 minutes for the course to sell for the $1 million starting bid to InSymphony Private Capital, LLC. The Phoenix-based investment firm is the same company that lent D'Andrea Golf Holdings $5 million in 2004.
"The lender that loaned them the money had the right to go through the legal process and bid at the property," Judith Otto, Attorney for InSymphony said. "The beneficiary will have the opportunity now to inspect the property and make their own decision as to how to go forward."
Court documents say the 18-hole public course is $4.8 million behind in payments, along with interest, late charges, advances, interest on advances, foreclosure fees and costs.
D'Andrea originally shut down in March of 2012 after a majority of homeowners voted down a fee increase to help keep the course open.
Dozens of D'Andrea residents gathered on the steps of the courthouse, eager to see what would become of what used to be their golf community.
Many left, disappointed.
"No questions got answered, really," Pam Ginsburg said. "We were hoping we would find a viable golf company that would be willing to jump in there and make it a golf course again."
"I was worried that it might be developers bringing it and they want to just build out on it and not save any green belt area," Nancy Maldonado said. "But we would like to see the golf course."
The golf club lost money in seven of the last eight years, and needed an extra boost from residents just to stay afloat.
We did call InSymphony to see what their plans are for this property but management would not talk to us simply saying they had no comment.