Dec. 18. Real Estate AUCTION. Glengarry Golf Links. The Phoenix at Buffalo Valley PITTSBURGH AREA GOLF COURSES

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1 Real Estate AUCTION Dec. 18 PITTSBURGH AREA GOLF COURSES Latrobe & Freeport, PA Glengarry Golf Links Scottish Links-Style 18-hole Golf Course & Eight Remaining Homesites The Phoenix at Buffalo Valley Redesigned 18-hole Championship Golf Course

2 Buy Together or Separate Western Pennsylvania, with its rolling hills, rugged valleys and scenic beauty, is home to more than 500 public golf courses, with many of the best located in the Pittsburgh area. Millions of visitors travel to the area each year to enjoy championship play that is second to none. In fact, National Geographic recently named Pittsburgh one of the best worldwide travel destinations for While the city is historically know for its steel industry, today Pittsburgh s strong economy is largely based on healthcare, education, technology, robotics and financial services. A number of Fortune 100 companies, including PNC Bank, HJ Heinz and Dick s Sporting Goods, call Pittsburgh their headquarters, helping fund world-class museums, theaters, universities, and other attractions. Pittsburgh is not only an ideal place to work and play, but also a great place to call home. Major publications often note Pittsburgh's high desirability compared to other American cities, with the city claiming the top overall spot in the United States in recent "most livable city" lists by Places Rated Almanac (2007), Forbes (2010), and The Economist (2011). This solid consumer/tourist base, together with auction pricing, combines to create an immediate and compelling opportunity for an owner/operator in the golf industry to enter the Pittsburgh market or add to an existing portfolio The Phoenix Pittsburgh 885 Freeport Latrobe Glengarry Glengarry Golf Links 60 Minutes from Pittsburgh The Phoenix at Buffalo Valley 40 Minutes from Pittsburgh

3 168 LENTZ ROAD LATROBE, PENNSYLVANIA Scottish Links-Style 18-hole Golf Course & Eight Remaining Homesites Certified or Cashier s Check Required to Buy: 5% of Total Purchase Price A 102A 103A

4 499 FREEPORT ROAD Glengarry Golf Links offers investors the opportunity to acquire an 18-hole Championship Golf Club set in at the foothills of the spectacular Laurel Mountains, along with eight remaining homesites ready for development, and attractive/ productive mineral rights. Glengarry is located in the quiet town of Latrobe, less than an hour southeast of Pittsburgh, Pennsylvania. The 6,287-yard course is situated on 145 acres and opened for play in Included with the course is: a 4,800 square foot clubhouse with restrooms and a restaurant/bar that provides indoor seating for 180 and outdoor seating for 64; an adjacent 1,000 square foot pro shop; separate pavilion with storage for 72 carts; and a 3,750 square foot metal maintenance facility adjacent to the clubhouse. The eight remaining homesites offered in the auction are part of a 54-unit development surrounding the course. The available lots within the Glengarry community are ready to build, complete with roads and utilities. FINANCIAL INFORMATION: Projected Rounds 28,000 28,000 28,000 28,000 Course Revenue $696,894 $702,681 $605,617 $700,500 Food & Beverage 178, , , ,000 Pro Shop 120, , , ,000 Total $995,887 $1,020,018 $902,418 $1,091,136 Recently Redesigned 18-hole Golf Course Certified or Cashier s Check Required to Buy: 5% of Total Purchase Price The Phoenix at Buffalo Valley is a public 18-hole, 6,793-yard, par 71 golf course situated on 200 scenic acres in Freeport, Pennsylvania. A short 40 minute drive along the Allegheny River from Pittsburgh, the course is conveniently located and easily accessible. Newly reopened in 2011, the completely redesigned course features widened fairways, championship greens and signature white sand traps. Offering fun, challenging play for both the seasoned and novice player alike, The Phoenix offers picturesque rolling hills, mature trees and eight lakes. USGA RATINGS: Yardage Rating Slope Blue 6, White 6, Silver 5, Gold 4, Red 4, AVAILABLE HOMESITES: Previous Lot # Size Asking Price 101A 0.49 ac $49, A 0.49 ac $49, A 0.49 ac $49, ac $44, ac $44, ac $44, ac $44, ac $49,900 ACREAGE: Golf Course: 145 Acres Homesites: Acres ZONING: Agricultural REAL ESTATE TAXES: (2012) Golf Course & Homesites: $21,403 BUILT: 1999 PAR: 70 CARTS: 72 E-Z-GO Electric (2009) Lease Expires 2013 The 4,000 square foot clubhouse features a fully stocked pro shop, full-service pub, banquet area with seating for 200, patio seating for 160, restrooms, lockers and cart storage on the lower level.

5 FREEPORT, PENNSYLVANIA USGA RATINGS: Yardage Rating Slope Blue 6, White 6, Red 5, ACREAGE: 200 Acres ZONING: Suburban Residential REAL ESTATE TAXES: (2012) $33,000 REDESIGNED: 2011 PAR: 70 CARTS: 72 E-Z-GO Gas (2011) Lease Expires 2016

6 Auction Information Golf Course.SheldonGood.com SEALED BID DEADLINE: Tuesday, December 18, by 4:00 pm CST Bids should be delivered to the offices of: Sheldon Good & Company Attn: Glengarry Project Manager 150 N. Wacker Drive, Suite 2222 Chicago, IL A QUALIFIED SEALED BID WILL REQUIRE THE FOLLOWING: 1. Completed Purchase & Sale Agreement. 2. Proof of funds, consisting of a bank statement or similar document, showing evidence of bidder s financial ability to close on the transaction. 3. Certified or Cashier s Check in the amount of 5% of the Total Purchase Price made payable per the Terms of Sale. ON-SITE INSPECTIONS: By Appointment Only 9:00 am Glengarry 12:00 Noon The Phoenix November 20, 27 and December 4, 11 AUCTION LINE: FAX: BIDDER'S INFORMATION PACKET/ VIRTUAL DEAL ROOM: An online data room has been created and includes property due diligence materials, a Purchase and Sale Agreement, and Terms of Sale. Access to the online data room and the ability to download all documentation is available for $ The purchase of the Bidder's Information Packet is a requirement in order to submit a bid for the auction. To order access to the Virtual Deal Room, download the Order Form from the auction website and submit via to the Auction Manager. Once your order has been processed, a link will be ed granting access to the Virtual Deal Room. TERMS OF SALE: This auction is being conducted subject to the Terms of Sale, as stated in the Bidder s Information Packet and the Purchase and Sale Agreement. BUYERS PREMIUM: A 6% Buyer s Premium will be added to the final high bid, per the Terms of Sale. BROKER PARTICIPATION INVITED: A 2% referral fee will be paid by the seller to the Realtor /Broker whose registered buyer closes on this property. Please refer to the Buyer/ Broker registration requirements in the Terms of Sale, which can be found in the Bidder s Information Packet. The information contained herein is subject to inspection and verification by all parties relying on it. No liability for its inaccuracy, errors, or omissions, are assumed by the Sellers, their representatives or Auctioneer. ALL SQUARE FOOTAGE, ACREAGE, AND DIMENSIONS IN THIS BROCHURE ARE APPROXIMATE. This offering is subject to prior sale and may be withdrawn, modified or canceled without notice at any time. This is not a solicitation nor offering to residents of any state where this offering may be prohibited. Sheldon Good & Company, All Rights Reserved. Jonathan Cuticelli Auctioneer/License #AU005637