Country club in BA back on market
BY ROBERT EVATT World Staff Writer
Wednesday, June 20, 2012
6/20/12 at 2:13 AM
BROKEN ARROW - A $4 million deal to buy Indian Springs Country Club has fallen through, an auctioneer said Tuesday.
A statement released by Williams & Williams said the party that submitted the winning bid at a June 5 auction, identified only as a group of local investors, "has chosen not to perform its obligations as set forth in the terms of the contract of sale."
Amy Bates, chief marketing officer for Tulsa-based Williams & Williams, declined to elaborate on what happened with the deal, though she said the auction company is working hard to find a buyer for the Broken Arrow property.
"Our number one focus right now is effectuating a sale for the sellers as soon as possible, and have some closure for the seller," she said.
Bates said Williams & Williams is in contact with other bidders and other parties that were interested in the country club and is hoping to find a new buyer quickly without having to organize another auction.
The auction two weeks ago, held on site, was over in a matter of minutes. Williams & Williams personnel spoke with 27 potential bidders across the country and one from Belize, the company said. Most of the offers were taken at the site, though bids could also be entered online.
Williams & Williams has conducted thousands of auctions around the world, and Bates said about 2 percent of them have gone into default.
The Williams & Williams statement also noted that "the sellers will determine how they want to proceed regarding the buyer's failure to perform."
Indian Springs is owned by Tracy Upton and Leslie Elliot. Upton previously told the Tulsa World that they put the country club up for auction in an effort to find a buyer with the same passion for the property as their father, James "Jim" Pharr Jr., who owned it from 2002 until his death in March 2011.
The club, located at 16006 E. 131st St., features two 18-hole golf courses, 14 tennis courts and a 38,000-square-foot clubhouse on its 472 acres.
Indian Springs continues to operate.
Robert Evatt 918-581-8447
robert.evatt@tulsaworld.com
Associated Images:
A golfer hits a shot at Indian Springs Country Club in Broken Arrow. A $4 million deal to transfer ownership of the property has fallen through, an auctioneer said Tuesday. CORY YOUNG / Tulsa World file
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