I received a call from former Tobiano owner/founder Mike Grenier about a new group’s acquisition of the course.
A price for the sale wasn’t disclosed, but the course was built for around $15-million (including the clubhouse), and was listed for $5.5 million when it was separated from the real estate.
Grenier is an interesting man, an entrepreneur with a big vision, which in this case didn’t quite work out. The new owners of the course include Henry Bereznicki of Edmonton and John Preston of Palm Beach, Fla.
It isn’t clear how Grenier is involved. I asked if he had equity in the deal and he declined to answer. Pagebrook, Grenier’s company, was a secured creditor in the Tobiano bankruptcy, though the Bank of Montreal was the principal secured creditor.
When asked whether the group would be acquiring the rest of the property, Grenier wouldn’t say specifically.
“It is intuitive that you wouldn’t stop at the golf course,” he said. “But you can’t predict what will happen with the real estate.”
Grenier said for his partners it was a great opportunity.
“How many Top 10 golf courses can you buy?” he asked. Tobiano was ranked No. 10 in SCOREGolf’s ranking of Canadian courses last year.
So how is Grenier involved? That’s unclear — but he is operating in a management role.
“I’m delighted that the project I’ve devoted part of my life to and a lot of my resources … that I can be involved with it,” he said.
