StoneRidge Country Club in Poway sold at public auction

By Michael Bower

Poway’s StoneRidge Country Club was sold back to the beneficiary — the foreclosing lender — for a bid amount of $1 million Wednesday in a foreclosure auction, according to the LPS Agency Sales and Posting website. The name of the beneficiary was not disclosed.

The private country club, which features an 18-hole golf course, nine tennis courts, a swimming pool, wading pool and jacuzzi, had been owned by the La Jolla Development Group LLC since 2007.

A message left Wednesday for Bob Hilber, chief operation officer for the development group, has not yet been returned.

According to the LPS Agency Sales and Posting website, the property sold for the same amount as the opening bid at the foreclosure auction, which was held in El Cajon. That means there was likely no other bid outside of the beneficiary’s bid.

A legal notice published in the News Chieftain and News Journal in late March stated “the property is being sold for the purpose of paying the obligations secured by the Deed of Trust, including fees and expenses of the sale.”

The total amount of unpaid principal balance, interest, together with reasonably estimated costs, expenses and advances amounted to $6.4 million, according to the notice.

The golf course, located off Espola Road, is the home of the Poway High boys and girls golf teams.

Short URL: http://www.pomeradonews.com/?p=35084

Posted by Michael Bower on Apr 17 2013. Filed under Local News, Poway. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

5 Comments for “StoneRidge Country Club in Poway sold at public auction”

  1. Bob

    Bob Hilber is "bad news bears"

    • Kevin McNamara

      That's a cheap shot. They've done their best in a horrible climate for golf. Bob is committed to Stoneridge so wait and see how this plays out.

    • Paul

      I agree with Bob, Hilber is not good for a private country club. However, It is very difficult for a private golf course to thrive in the current economy.

  2. Mulligan

    It's a really tough market considering they compete directly with Carmel Mountain and Maderas. Slamming Hilber is a cheap and easy shot.

  3. Michael

    What you people don't know Bob Hilber this guy and Lajolle development are very bad news. Don't take my word for it ask the people of Lake San Marcos, don't believe them ask the people of Escondido Country Club, don't believe them ask the tenants in there business plaza's. Foreclosure auction and Bob Hilber go hand in hand….

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