Mario Antoci, owner of Genoa Lakes Golf Resort, which features two of the region's most pristine golf courses nestled in the shadows of the Sierra Nevada, has been trying to sell both 18-hole courses on more than 450 acres for several years.
Antoci, president of MDA Enterprises, Inc., purchased the Lakes Course for $7.5 million in October of 2000 and invested another $15 million building a clubhouse, cart barn and installing other infrastructure.
In March of 2005 Antoci
added the Resort Course for another $5.5 million and invested $1 million in the course.
The Resort Course will close Sept. 30 if a sale doesn't go through, Antoci says, though he expects to line up a buyer in the next few weeks.
Purchase of the Resort Course included roughly 660 acre-feet of water rights, which in today's market is a far more valuable asset than the course itself, Antoci
The Genoa Lakes course has rights for more than for 500 acre-feet of water from wells and the Carson River, but Antoci
says that course should remain open because its revenues are covering expenditures.
All told, Antoci
sunk more than $29 million into the two courses.
says at today's prices, investors can make purchases work financially.