Fargo CEO Keeps Windsong Farm Golf Club From Closing
A Fargo, North Dakota businessman has come to the rescue of a local golf club from nearing foreclosure.
David Meyer, founder and CEO of Fargo-based Titan Machinery, bought Windsong Farm Golf Club, a high-end private course in Independence that was about to be foreclosed upon, according to a Star Tribune report.
Meyer reportedly did not disclose the terms of the deal, which closed Tuesday. He bought the club from its member-owners.
Meyer told the Star Tribune that Windsong will remain an exclusive private club and keep its members. He also reportedly defended Windsong Farm's $15,000 initial membership fee and annual dues of $7,600.
“That's really fairly reasonable for championship golf courses,” Meyer added. “Some have $100,000 initiation fees.”
The Windsong Farm Golf Club opened in 2003 and was designed by PGA pros Tom Lehman and John Fought. The Star Tribune reported in mid-December that the club was planning to shut down because of financial troubles. It was reportedly having difficulty finding new members and unable to renegotiate its loan with Commerce Bank in Geneva.
Commerce Bank reportedly declined to disclose the amount owed, but a Windsong member told the Star Tribune that the club's bank loan was for $4.2 million.
Meyer is reportedly a lifelong golf fan whose father developed the Pioneer Creek Golf Course, a public golf course across the street from Windsong. Pioneer is now reportedly run by Meyer's sisters.
The Windsong Farm Golf Club is among the top 10 golf courses in Minnesota based on slope rating-which is a measure of difficulty for the bogey golfer. The club employs about 60 people in the height of the season, according to the Star Tribune.
To learn more about club members' reactions to the sale, read the Star Tribune story here.