A Shuswap golf course that’s been around since 1928 is up for sale.
The Salmon Arm Golf Club, according to the non-profit society that runs it, has an estimated value of more than $4 million. The society cited a downward trend in membership and demographics as to why it’s put out a for-sale sign.
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According to a press release issued by the golf course, the club held its annual general meeting last week and a decision was made to sell. The AGM was held April 25, with the decision made by a majority vote. The course did not say what the majority vote percentage was.
“In late 2018, they requested in-camera discussions with the City of Salmon Arm to see if there was interest to add this asset to their recreational portfolio and take over responsibility of ownership.
“We were advised that the City of Salmon Arm declined, at this time, to assume management of the Salmon Arm Golf Course, purchase the property or take any equity position.”
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The society says the club was established as a nine-hole course in 1928, but became an 18-hole championship course and a nine-hole heritage course in 1994.
The course has reportedly been an incorporated non-profit society since 1983, owned and operated by society certificate holders and governed by an elected volunteer board of directors.
The club added that its estimate was based on assets and probable operating income, and that its liabilities are approximately $2 million. The club noted that it has always managed to meet its debt obligations regularly.
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In the press release, the club said “the original premise for the golf course was a member driven and funded golf course, and green fee play was a supplement.
The club added that no interruption of services will occur while the sale process takes place.
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