[Foreclosed] Colina De Luna Golf Course

Court Evaluation: 41,908,000 JPY (511,000 USD)

*UPDATE: The winning bid was 35,678,910 JPY (446,000 USD)*

An 18-hole, par 71 golf course in Hokkaido is up for public auction this month.

The Colina De Luna Golf Course was operating up until the end of 2010 and was in playable condition.

This property was previously put up for public auction in 2010 with a court evaluation price of 105,950,000 JPY. The current evaluation price is now less than half.

About the Course

Kobayashi Sangyo opened the club in 1993. Despite filing for bankrupcty in 2003, the course continued operating without legal permission until the receivers stepped in and put the land and buildings up for public auction.

At the time of bankruptcy, the course had 1320 members and held 5.2 billion Yen (63 million USD) in deposits.

Ian GC (Tokyo), purchased and ran the golf course. The goal was to make an appealing and affordable course, and to operate tours for tourists from Korea, Taiwan and other countries. They also advertised membership in Korea.

However, they withdrew from operations and the administration was taken over by Japan Golf Service from 2007-2011.

Current Condition

Some of the identified problems with the property include:
Damage from water leaks
Cracks in exterior wall plaster
The whereabouts of the President of the company who owns the property is unknown.
Wiring damaged from water leaks.
Heating systems are not in working condition
Some parts of the land (51,805 sqm) were sold to a private individual.

Auction Details

*UPDATE: Winning bid was 35,678,910 JPY (446,000 USD)*
Announcement Date: February 10, 2011
Bidding: February 25 ~ March 7, 2011
Opening of bids: March 10, 2011

Court Evaluation: 41,908,000 JPY (511,000 USD)
Minimum Bid: 33,526,400 JPY (409,000 USD)
Deposit: 8,381,600 JPY (105,000 USD)

Property Details

– Land: 2,045,998 sqm (204 hectares)
– Course: 18 hold, par 71, 6240 yards
– Annual fixed asset tax: 4,124,970 JPY (2008)

1546 Chiraiotsu, Tsukigata-cho, Kabato-gun, Hokkaido
Sapporo Station – 45 kilometers (60 mins by car)

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