Offer to Sell Outlaw Golf Course to Hideout Withdrawn by Mustang Development

May 6, 2021

CORRECTION: Updated 5/10/21 to reflect that Mustang's offer to sell the Outlaw Golf Course was made to the Community Preservation HOA, not the Town of Hideout and that it would be the HOA that would have been responsible for payments to Mustang.

Credit Hideout Utah

The offer to sell the Outlaw Golf Club at Hideout Canyon to the Hideout homeowners association has been retracted by Mustang Development.

 

Members of the homeowners association confirmed to KPCW the offer was withdrawn by Mustang Development late Wednesday. The HOA previously had until Thursday to vote on the offer.

 

According to a letter obtained by KPCW from Mustang representatives to the HOA, Mustang accused unnamed Hideout officials and residents of engaging in a “deliberate and focused disinformation campaign” with the intent of harming Mustang, its business interests, and property values.

 

As KPCW previously reported, Mustang offered to sell the 9-hole golf course to the Community Preservation Association HOA for $9.5 million, saying that is much less than the market value of $13.5 million.

 

Mustang would have provided financing for the sale and the HOA would have been responsible for minimum payments of $300,000 this year, $350,000 in 2022, and $400,000 for each subsequent year. A $300,000 per year management fee that increased 3.5% annually was also part of the offer.

 

According to Mustang’s letter, they are now considering other options.

Tags: