Country club up for sale on the Big Island
The owner of the 18-hole Volcano Golf & Country Club on the Big Island is looking to retire, and the entire facility is for sale.
A nearly monthlong eBay auction, with a starting bid of $6 million and reserve price of $10 million, did not snag a buyer in October.
Additional efforts, including "underground marketing," have drummed up leads from interested parties, according to David Coleman, a consultant for Shigeyuki Tachibana, president of Hawaiian International Sporting Club Inc., the seller.
Coleman said Tachibana will consider all serious offers.
"We all live in Volcano ... and we're looking for the right buyer who wants to come in and run the course like a business," Coleman said.
"Everybody knows (Tachibana) put a lot of money back into the greens, and the greens are in pristine condition."
The par-72 golf course, a pro shop and a 120-seat restaurant and bar are included in the sale, as is the 38-year leasehold interest in the property.
The course was established in 1921.
It has been run primarily for golf, and while the restaurant is open for breakfast and lunch with contracts to serve meals to tour groups, the seller hopes for a buyer that will open the restaurant for dinner and market the businesses to increase revenue.
There is already interest in dinner service from a growing number of bed-and-breakfast operations, Coleman said. "There is tremendous growth in Volcano, with Volcano Fairway Estates going in," he said.
The course is also next to the Hawaii Volcanoes National Park, the island's top visitor attraction.
Up to 10 percent of the proceeds will be donated to the World Learning Forum, a nonprofit organization involved in indigenous educational issues, Coleman said.
Another company, WisdomSource, is helping Tachibana promote the sale of the course.
Coleman said he is confident the course will sell soon.