Big Island golf course
going up for auction

The Waimea Country Club will
be sold in a foreclosure action

The Waimea Country Club on the Big Island will be the subject of a foreclosure sale as early as next month.

Guido Giacometti, the court-appointed receiver for the golf club, said he will begin marketing the 18-hole semi-private course next month after Circuit Judge Karen Blondin ruled that the property could be auctioned off.

There's no asking price, but the course will likely sell for more than $5 million.

Giacometti said the course has not been profitable but has remained open during the foreclosure proceedings, which began in July 2003.

Giacometti noted that most of the 238-acre course's business comes from residents since the club is not near any of the Big Island's popular resort areas.

In addition to an 18-hole course, the property includes a 2,400-square-foot club house and a driving range.

Next to Mamalahoa Highway in Waimea, the country club was built by Japan-based Otaka Inc. in 1994 at the tail end of the Japanese investment boom.

Asian Pacific Group LLC later acquired the mortgage to the golf course and sued for foreclosure two years ago after the developers defaulted on payments.

Blondin recently ruled in favor of the creditors, paving the pay for next month's planned auction.

Blondin also ruled that Asia Pacific can use about $5 million of the debt owed by Otaka to bid on the golf course at the auction.

Don Gelber, Asia Pacific's attorney, could not be reached for immediate comment.