In May 2015, 72 percent of Las Vegas Country Club members voted to “explore a sale.” At that time, the CB Richard Ellis commercial real estate company was hired and more than 70 potential buyers signed confidentiality agreements with the company as the first step in the process.
The club was attractive to buyers because of the location, history, club rights to 850 acre feet of water and positive cash flow. Members were potentially looking to sell because of looming capital improvement assessments and with an average age of 68, participation was waning.
This week the long due diligence process comes to an end as another vote concludes Thursday evening.