A tentative deal that would have seen Sun Rivers Golf Course change hands has collapsed.
In September, Rancho Enterprises signed a letter of intent to purchase the golf course and associated Hoodoos Restaurant from Sun Rivers Partners.
At the time the potential sale was announced, Bill Amy, an investor and spokesman for Ranchero Enterprises, said the plan was to lower annual fees in a bid to double membership and engage in expansion that would have included a six-hole par-3 golf course, pickleball courts and a renovated Hoodoos restaurant and sand bunkers.
On Tuesday, Amy said the deal had died.
“We have reluctantly left the negotiations due to the fact that we were unable to reach agreement on a number of key issues,” Amy said. “In the end, the deal was far more complicated and complex than was originally anticipated and we were just not able to come to terms that worked for both parties.”
Amy noted a number of improvements have already begun on the course: the new six-hole, par-3 course is 80 per cent complete, with seeding of the greens and setting of the turf scheduled for the spring; greenside bunkers have new sand; and new tee boxes on the first hole have been finished.
Amy told KTW the reason for the deal not being consummated did not involve the sale price — “the money and everything was fine,” he said — but a few other issues, on which he said he could not comment due to a confidentiality agreement he signed.
When asked how much money Amy and Ranchero had spent on the improvements, he replied, “A lot.”
When asked for specifics, Amy quipped:” As I told someone else today, I own two houses in Sun Rivers, but I can only afford to live in one of them now.”
As for the future, Amy said he will take a moment to reflect.
“We’ll just sit back and take some deep breaths right now. This was a passion for me. This is a tough day for me. We were committed to doing a lot of good things, but they won’t be done now — not on our watch.”
While the price tag involved in the tentative deal was not revealed, the 130-acre golf course was recently listed by Colliers International for $4 million.
Amy has a background in marketing and retired to Kamloops from the Lower Mainland eight years ago.
Ranchero had planned to purchase what Amy described as “slivers” of land from Sun Rivers Partners to fit in the new short course.
Sun Rivers has about 200 members today, a number the prospective ownership group wanted to double for next year by lowering membership fees.
The sale was expected to close in October.
The greater Sun Rivers development is owned by a group of investors led by Austrian Martin Zumtobel and governed by the Tk’emlups Indian Band. It is located on leasehold land, with a lease expiring in 2115.
Sun Rivers Partners indicated in 2015 it was putting the entire resort on the market. It listed the golf course for sale separately earlier this year.
Development of the entire Sun Rivers project began two decades ago. It has now sold about 800 of its planned 2,000 units.
The resort announced last year it entered into a deal to sell a central village area to a developer, who marketed pre-sales. But that deal collapsed and the property remains on the market.