Greystone Golf Courses Draw Bids Totaling $1 Million at Auction

The two championship golf courses at Cabot’s Greystone development were auctioned this morning in separate proposed transactions for a combined $1 million.

"Of course, the bank has to approve it," said Joe Wilson, who conducted the auction on behalf of Metropolitan National Bank. "And we’re waiting for our approval, and that’s where we are."

Greystone Community Development, representing a small group of Greystone residents, bid $385,000 for the 205-acre Cypress Creek Course, a 5-acre commercial tract and two out parcels with lakes totaling about 17.5 acres.

Greystone WMM LLC bid $632,500 for the 190-acre Mountain Springs course. The limited liability company is represented by Brooks McRae, executive broker of commercial real estate with McKimmey Associates Realtors in North Little Rock.

Each course has separate club houses, with the larger of the two on the Mountain Springs course.

The Little Rock bank took possession of the Greystone Country Club, the Cypress Creek and Mountain Springs semi-private golf courses along with 21.3 acres of undeveloped land in lieu of foreclosure in December. The property secured mortgages that originally totaled almost $1.9 million.

More than 40 bidders registered for the auction that started at 10 a.m. and lasted an hour. Wilson, president of Wilson Auctioneers Inc. of Hot Springs, estimated that maybe six different groups actually participated in the bidding.

A crowd of about 150 attended the auction as the golf courses and related property were offered separately and in different groupings to attract the most money.

"As far as I know, the new owners want to maintain them as golf courses, which should make the residents happy," Wilson said.