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.