By Paul Maryinak | Ahwatukee Foothills News
A foursome of businessmen who had tentatively planned to buy the Club West Golf Course and restore it for play by late fall backed out of the deal on Monday, saying it is worth only half the $850,000 price that owner Wilson Gee wants for it.
In a statement the prospective buyers released on Monday — the deadline for closing the sale — the prospective buyers said they had sought an extension on the closing to negotiate new legal and structural problems they had uncovered during their inspection but that Gee refused to give them more time.
“The issues we found during our inspection period would have increased our anticipated expenses by an additional $200,000 to $250,000,” their statement said. “We feel the true value of the property to be around $450,000. This considers the current dilapidated condition, lack of equipment, lack of alternative water source along with the fact that there is currently no active established business.”
