Updated: Metro Detroit investor among potential short-sale buyers for Ann Arbor Country Club

He’s one of three investors reportedly seeking the property: Another is Mag7 Properties Inc., a group that includes the AACC’s president and other members, and the third is an undisclosed potential buyer.

Barclae is offering $600,000 for the note on the property and negotiating with AACC’s board and the bank on the deal, which effectively would be a short sale wiping out about two-thirds of the debt.

“We’d work with club members with what they want to do,” Barclae said.

Barclae is pursuing the 200-plus acre club, located in Webster Township amid the Loch Alpine subdivision, as an investment for family members to manage.

His stepson, Billy Crosno, is an assistant pro at Edgewood Country Club in Commerce Township.

“It’s primarily for him,” Barclae said on Tuesday. “It would be under his management and my wife’s management.”

Crosno and Dena Barclae also have considered buying Chemung Hills, in Livingston County’s Genoa Township, out of foreclosure.

Barclae spent 16 years as an executive for Metro Detroit auto suppliers before he started Troy-based Falcon Industries Inc., which he sold in 1993 after running it for nearly 30 years.

He remains a consultant to the automotive parts industry, according to a press release issued in 2007 when he was appointed to the board of directors of Turbodyne Technologies in Ventura, Calif. The company trades over-the-counter and has a market capitalization of $4.9 million.

Barclay’s real estate investments have included 11 hotels and two Michigan golf courses. He’s not an owner of the Ritz Carlton, he said, contradicting some information circulating amid Loch Alpine neighbors. However, he is an owner of the Hotel St. Regis in Detroit.

In 1969, Barclae bought Kimberley Oaks Golf Course in St. Charles, west of Saginaw, out of foreclosure.

“We had a lot of fun with it,” he said.

He also owned Bay Valley Hotel and Resort near Bay City, which he sold a few years ago.

The golf course business - particularly in Michigan - is difficult, Barclae said.

“I’m not really optimistic that the golfing industry is profitable these days,” he said.

Costs of equipment - including mowing equipments, which need to be replaced frequently, and antibiotics for the greens - have climbed.

At the same time, competition among courses have prompted a reduction in average greens fees.

“Costs are rising on one side dramatically … and on the other side, the revenue stream is decreasing,” he said.

But Crosno’s experience in golf and interest in running a club still makes the potential purchase attractive, Barclae said. Part of that is the potential price.

If the price of $600,000 is accepted, that would represent a discount of 35 cents on the dollar, which neighborhood association emails have indicated acceptable by Citizen’s Bank.

The intention would be to maintain the club, after working with club membership on the transition.

“Ann Arbor seems to be a good location,” Barclae said. “… It has potential.”

Ann Arbor Country Club members will meet March 3 “to discuss and vote on the future ownership of AACC,” according to a membership notice issued after a community meeting on Sunday.

The sale reportedly will include the club’s liquor license and all fixtures. Member equity and a recent unsecured loan to the club by a member to improve the swimming pool “would be lost in the transaction,” according to the Huron Heights newsletter.

AACC president Karen Stevens did not return calls asking for comment.

Stevens is also among the members of Mag7 Properties, which incorporated with the intent of purchasing the club, negotiating down the debt and maintaining operations.Other members are Richard Eva of Canton; Richard Gibson and John Phibbs of Ann Arbor; Dennis Peters of Whitmore Lake; William Schnorenberg of Dexter.

Mag7 was offering $500,000 for the property, which Stevens said in a note to members was not accepted by the bank.

Stevens told members: "If we do not accept the offer on the table, the bank would like us to sign with an auction company."

However, Stevens said, "if we do not approve the sale, and Mag7 cannot purchase the note, the Bank would have the option to exercise its right to begin foreclosure proceedings. "

Only active members in good standing can cast votes at the March 3 special meeting, according to the notice.

Meanwhile, club manager Tony Bonino said the club is operating as usual.

“We’re planning on opening on St. Patrick’s Day,” he said.