GOLD MOUNTAIN HAS “TURNED THE CORNER”

The Nakoma Golf Resort at Gold Mountain has emerged from nearly five years in bankruptcy.  The Federal Judge ruled in favor of accepting an offer from the Schomac Group, Inc., purchasing all of the resort assets.  A sigh of relief could be heard in the courtroom, as the transfer of ownership could be finalized quickly with no further conditions to the sale.

Outstanding taxes of nearly $900,000 and deteriorating conditions of the golf course and clubhouse led to a packaged price tag of nearly $4 million, including unimproved lots, some commercial sites as well as a 9-hole course and hotel site.

The Schomac Group, Inc., developers out of Tucson, Az. are also the current owners of the local Feather River Inn on Highway 70 just outside of Graeagle.  Michael Schoff, principal sees the two properties as “sister resorts, providing a superb mix of lodging, convention facilities and recreational amenities” and hopes to see both golf courses – the 9- hole course at Feather River Inn and the 18-hole course at Gold Mountain open this Summer.   Schomac plans on beginning work immediately to make improvements to the Nakoma Golf Course (previously known as the “Dragon”), clubhouse and spa villas. For the time being the clubhouse will only have a snack bar to serve the golfers.  Schoff plans to re-open the restaurant when the economy returns to a more robust state.

Dan and Leah West (Graeagle Land and Water Co.) are acting in an advisory capacity at the Nakoma Golf Course and have contracted with Schoff to manage the Feather River Inn Golf Course this summer.

Schoff is enthusastic about its new venture.  David Beveridge, vice president, said “My charge will be to bring Gold Mountain and the Nakoma Golf Resort back to where it can once again shine as a beacon in Plumas County”.

Schoff pointed out “Nakoma” is a Chippewa word meaning “I do as I promise.”  Perhaps now, Nakoma at Gold Mountain can fulfill its promise.

One thing is positive – its a good start to the season for all the current property owners at Gold Mountain.  ”We have turned the corner…”.

For more information, go to the Gold Mtn. website:  www.goldmountainhoa.org

4/28/10