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9/01/16
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Shinhan Golden Faith International Development Limited has acquired the Malibu Golf Club and surrounding property, located at 901 Encinal Canyon Rd in the hills of Malibu. The 18-hole property, which sits on a 650-acre site, was purchased from a court appointed receiver—Trigild CEO/chairman Bill Hoffman—in a $30.5 mil receivership sale.
Designed by William Francis Bell and built in 1977, Malibu Golf Club was originally a nine-hole course that was transformed throughout the 1980s to include an additional nine holes, club house and related facilities. The course and its surrounding 650 acres are located within the Santa Monica Mountains Recreational Area in Los Angeles County and easily accessible by both Pacific Coast Highway and U.S. Highway 101.
According to Hoffman, this disposition demonstrates the many benefits of a receivership sale—an increasingly popular workout remedy. “Because they allow properties to be sold prior to foreclosure, receivership sales often result in faster results and a higher recovery—but they can be complicated and require an extensive understanding of the court system,” he said.
Hoffman and Trigild, a San Diego-based real estate services firm specializing in property/asset management and fiduciary services, were represented by a Kennedy Wilson team led by Fred Cordova, executive vice president of brokerage, including Ed Sachse, executive managing director of brokerage; Ryan Eddy, vice president of brokerage; Michael Puleo, senior associate; and Jake Sachse, associate.
“The golf course and surrounding acreage were fully entitled for future development as a health and wellness golf institute,” said Cordova. “Our role in the sale of this well-known property was to help our client secure the right buyer who would understand the complex entitlement conditions and embrace this terrific opportunity to develop a truly unique facility, while navigating the many challenges that come along with a receivership sale of this magnitude.”
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