The price Missouri City is paying to purchase the former Quail Valley Country Club from golf-course speculator Mark Voltmann’s Renaissance Golf Group was adjusted from $3.1 million up to $7.4 million last week — 2 years after the city acquired the 390-acre property by eminent domain, and one day before a dispute over the price was set to go to trial. Renaissance claimed the property was worth about $14 million, but at the time of the sale it was listed for $6.59 million by the appraisal district.
Renaissance’s plans to rezone a 17.5-acre portion of the site to allow for a development of 54 Ryland Homes homesites were rejected by the city’s planning and zoning commission in 2006.
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STUCK IN THOSE NEIGHBORHOOD SAND TRAPS The Ohio investor who bought up 3 Houston community golf courses over the last decade, then sold the one in Quail Valley to Missouri City a couple of years ago, is running into a few obstacles in his attempts to sell the other 2 to developers: “The latest roadblock came with a jury verdict late last year that would prohibit the use of the land that once served as the Inwood Forest Country Club for any purpose other than a golf course. . . . The Harris County jury found that the Inwood Forest golf property contained an ‘implied reciprocal negative easement,’ [Inwood Forest homeowners association member Julie] Grothues said. In plain English, that means that an owner of the course is bound to keep it as a course even though the original deed has no such restrictive covenant. The lawyer for the homeowners association argued that the course was an essential component of the neighborhood, and that allowing it to be cut up for development would irrevocably change the character of the community and the value of the homes.”
Is Mark Voltmann’s game going any better at the shuttered Clear Lake Golf Club? “The deed for the Clear Lake property contains a restriction preventing owners from using it for anything but a golf course or recreational facility until 2021. Voltmann has filed suit to try to bust the deed restrictions. In theory, success could translate into a big payday, as a portion of the property has good commercial potential. But the Inwood verdict is looming. If it stands up, homeowners could use the same argument to stymie him again.” [Houston Chronicle; listing]
MISSOURI CITY POISED TO TAKE OVER QUAIL VALLEY COUNTRY CLUB BY EMINENT DOMAIN “City officials decided to try to purchase the property because of fears that the owners would shutter the club and redevelop the site. If the club were closed, city officials and many residents feared, property values in the city would plummet.” The city would run a golf club and park on the 390-acre lot. Price: $3.1 million. [Houston Chronicle]