PULASKI, Va. – A long-standing business in the New River Valley has a new owner.
After years of financial struggle and declining memberships, the Pulaski Country Club and Golf Course was sold in a trustee foreclosure auction Wednesday afternoon.
Longtime members hope it will remain a club and golf course for those in the community.
It was standing room only inside the club house with people waiting, watching and listening as to who will be the new owner.
"Spent 30 days to get it ready. And 30 days for people to come out and get information and doing their due diligence ahead of the auction," said Mike Torrence of Torrence, Read, & Forehand Auctions.
The Pulaski Country Club has been opened since 1929 but struggles over the last decade led up to the private business being sold.
In 2001, the clubhouse caught fire and was rebuilt with improvements.
"It's in good shape. It's been well-maintained. It's just unfortunate that he got into the financial situation," said Torrence.
"We used to have about 330 members and now we have dropped down to about 104 members. But we have strong members and we are proud of the time they have all put in to it open for the last 15 years," said Keith Dickerson, president of the board of directors.
The starting bid for the entire club was $500,000. This included the 18-hole golf course, equipment, driving range, putting green, pool facility, tennis courts and maintenance building.
"The golf course industry in general is struggling and has been since 2008. With the economy there's been three or four golf courses auctions across Virginia in the last 90 days," said Torrence.
"It's been here since 1929 so it's a big part of the community and is a good place for people to have events," said Dickerson.
The property went to the highest bidder for $900,000 to David Sale of Radford Auto Auction. He says he's not sure of his plans for the property yet.