The iconic Penobscot Valley Country Club in Orono has a new owner after a year and a half search.
The course owner Penobscot Valley LLC and Resurrection Golf LLC, the course operator, had been looking for a new owner since 2020.
Last week a local real estate investor purchased the property and its assets, but Resurrection Golf will remain as operator, said Sean McCarthy, the course’s chief operating officer.
The identity of the new owner and the sale price will not be disclosed at this time, McCarthy said.
Robert Baldacci, an associate broker with FO Bailey Real Estate, the firm representing the buyer, confirmed the sale but did not release the name of the buyer.
The new owner is a “respected local business owner from Bangor”, he said.
As part of the deal, proceeds from the sale were used to pay off the property’s debt and Resurrection had to enter into a lease to manage the facility, McCarthy said.
“The new financial arrangement allowed us to get rid of a significant amount of residual debt that we had, allowing us to change course a bit and continue our capital improvements on the course,” McCarthy said.
McCarthy and his team are focused on improving the course’s turf and bunkers, and expect to agree further improvements as Resurrection’s partnership with the new owner develops, he said.
“Both parties are interested in the property, being large in the Orono area,” he said. “We’re both in the same mindset that we want to make sure we can continue to have that gem up there in Orono.”
The course was designed by renowned golf course architect Donald Ross in 1924 and has been a golfing destination in the area ever since.
Penobscot Valley LLC acquired the golf course from Harris Golf Inc. in 2017. Harris Golf had not paid its property taxes to the town of Orono since 2015.
Harris Golf Inc. purchased the property for $3 million in 2007.