Lake Barrington homeowners may buy golf course
The homeowners association of Lake Barrington's largest gated community is considering buying the community's recently foreclosed golf course.
But even as a written offer is being prepared for Barrington Bank & Trust, which is in receivership of the Lake Barrington Shores Golf Club, the Lake Barrington Shores Homeowners Association is working to determining if it has support for the idea, Village Trustee John Schaller said.
Support is expected to be measured by a vote in which each household receives one vote, he added.
The value of the members-only golf course is generally understood to be between $1 million and $2 million, Schaller said.
Lake Barrington Shores Master Board President Paul Berlin could not be reached for comment Wednesday.
At the bank's direction, the golf club has maintained normal operations since the late winter foreclosure. Club Director Quentin Grasso said no changes are foreseen this year for either the golf course or the club restaurant.
The foreclosed property is officially up for sale and actively seeking a buyer, he added.
The village itself would play no role in a real estate transaction between the bank and the homeowners association, Village Attorney Jim Bateman said, apart from transferring the club's liquor license to a new business entity.
However, village officials are paying close attention to what transpires in case it results in a request for direct or indirect financial assistance, Bateman added.
Lake Barrington Shores was established in 1974 and is believed by village officials to be one of the oldest gated communities in Illinois.
The community's annual garage sale is planned to be opened to the general public this year, along with a real estate open house, from 9 a.m. to 3 p.m. June 4 and 5. Lake Barrington Shores' entrance is at the northwest corner of Route 59 and Miller Road.