Sacramento Business Journal
From the article:
The Winchester Country Club and 136 lots in the luxury golf course community near Meadow Vista have been sold out of bank receivership to a Colorado investment firm.
Real Capital Solutions in Louisville, Colo., paid cash — the amount was not disclosed — in a two-stage sale, buyer representatives said Monday. The home lots closed escrow Dec. 20 while the clubhouse and the 18-hole golf course closed escrow on Jan. 18.
Contractor C.C. Myers lost his Winchester Country Club venture to Wachovia Bank, now Wells Fargo, in 2008. Myers had spent 20 years transforming the 1,100 acres into a luxury community surrounding an award-winning golf course. At the time, he blamed the housing downturn for the foreclosure.
Real Capital has retained Mandarich Developments, a Rocklin developer and home builder, to sell the Winchester home sites, serve as the general contractor for some houses it will build and manage future development.
This is the first golf course that Real Capital has purchased, said Taylor Cox, an investment associate with the company. Real Capital specializes in buying financially troubled properties. It has purchased and managed more than 250 commercial and residential properties with a value exceeding $1.25 billion.
Gary Mandarich said he and Real Capital also are working together on The Orchard at Penryn Park, a luxury townhouse project. Mandarich has worked on custom homes in Granite Bay, on the gated Visage community in Fair Oaks and the Northgate master planned community in Vallejo.