I have been following the Black Bull story for years. My golf days are numbered as my passion is fly fishing, but I know my way around a golf course and more importantly, I see some great ‘traction’ at Black Bull.
If you don’t know the background, the owners of Black Bull gave the property back as they couldn’t make it work based on their initial investment – follow this link for details - http://www.bozemandailychronicle.com/news/article_dda73acc-3855-11df-a77d-001cc4c002e0.html
After a Chapter 11 bankruptcy filing by the developers, the property was auctioned to the highest bidder. The winning bidder was a developer from California - Rob Schumacher - backed by Cross Harbor Capital Group out of Boston – this is the same group that won the bid to buy the Yellowstone Club . Both the Yellowstone Club and Black Bull are now on solid footing – see this article for details http://www.bozemandailychronicle.com/news/article_ad79635e-7934-11e0-90b7-001cc4c03286.html
Summarizing, the developers purchased 300 plus vacant lots, a club house and a Tom Weiskopf golf course for about $8.1 million.
Since Aug 1, 2011, the new owners have
- Sold 20 properties (18 land and 2 homes)
- An additional four properties are pending (2 land and 2 homes)
- The home sales were all $500k plus - both pending and solds
- Land prices averaged about $148k – high being over $200k
The developers have been getting a pretty decent return since the bought this project and moment is fantastic. If you would like to learn more about Black Bull or if you are in town and want a tour, I can set this up with a day or two notice. Just e-mail me at firstname.lastname@example.org or call 406.570.5730. It is a beautiful project.
Hart Real Estate Solutions