Wednesday, February 23, 2011

Country Club...Pipefitters?

In what has to be terrible timing for the meme that unions in America are suffering from a sustained attack from budget cutting conservatives, the Steamfitters and Pipefitters Local 455 has too much cash on hand, so they decided to buy-a golf course and country club.

A local pipefitters union has snapped up the old Hillcrest Golf Club in St. Paul, paying $4.3 million for the private club and vowing to keep it private for at least two years.

Irony galore, not only does a union have enough money (actually cash) to invest in a golf club that couldn't make money under private management-

The union said it hopes to breathe new life into the business, which has been in the red with sliding membership. The all-cash deal closed earlier this month.

but they will keep the course private.  As in closed to the great unwashed masses of the public.

Erlander said the union is going to "try to get our arms around running a golf course" and make it flourish again. The plan is to work their business contacts to sign up new members

But this wasn't just a good deal for the union, it worked out fine for the golf course, which got above its asking price for the  facility. 

It went on the market last August for $4.2 million, attracting a flurry of interest, before finally closing Feb 3.

So it sold for 100K more than the asking price.  Must be rough days at the Steamfitters and Pipefitters union. Think of it for a moment, 4.3 million dollars in cash just sitting around in the union coffers that they decided to plow into a golf course and country club..

No word on whether the union members will at least get discount memberships..

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