After languishing for six years, the Nakoma Resort and Golf Club at Gold Mountain has finally been bought out of bankruptcy. Michael Schoff, principal of the Schomac Group, Inc., which also owns the Feather River Inn, succeeded where others had failed.Earlier attempts to buy the property fell apart during the due diligence phase. Parts of the golf course had not been surveyed, easements had not been obtained in some cases and wells that were supposed to be included were not. Meanwhile, untended land and structures deteriorated. Property owners in the development were left tending to the golf course.
As problem after problem surfaced, potential buyers fell by the wayside.
Although he called it a long and complicated process, Schoff persevered. He ended up acquiring the property for $900,000, with an almost equal amount of various taxes, penalties and interest.
The purchase is good news for Plumas County on several fronts. First, the county will see some cold hard cash in the form of past-due property taxes, penalties and interest.
But the acquisition also promises long-term benefits. It may help stabilize property values in the area, and it has the potential to generate transient occupancy taxes. In the most general sense, it will help to market Eastern Plumas as a recreation destination.
Schoff said he plans to begin work immediately to improve the clubhouse, golf course and spa villas. He wants to have both the 18-hole Nakoma “Dragon” golf course and the nine-hole Feather River Inn course open in early June. In the long term, Schoff wants to reconfigure some of the most challenging parts of the Dragon so that it has wider appeal. He sees the two properties as “sister resorts.”
Perhaps the best portent of success is Schoff’s willingness to engage and work with local interests. He gave much credit to the Gold Mountain Homeowners Association, particularly its developer liaison committee. Schomac has contracted with Dan and Leah West to operate the Feather River Inn course this summer. The couple is also serving in an advisory capacity for the Nakoma course.
It is our hope this spirit of partnership can continue as Nakoma is revitalized to the benefit of all of Plumas County.