April 20, 2016 Comments Off on Borrego Springs Resort Nets Buyer Via Online Auction Views: 389 California, California News, San Diego, West

Borrego Springs Resort Nets Buyer Via Online Auction

Santee, CA-based Cameron Brothers Construction sold the nearly 1,000-acre Borrego Springs Resort for $2.95 million. An undisclosed buyer reportedly acquired the resort via an online auction, and expects to close escrow in June.

The sale of Borrego’s largest resort was considerably less than previous sales attempts, that were as high as $23.5 million in 2005. Earlier prospective buyers sought to develop up to 900 homes on the site, but failed to raise $100 million in equity required to move forward with development plans.

The property currently has an 18-hole golf course, as well as a two-story, 100-room hotel and country club, including a restaurant, bar and lounge. The company decided to sell the resort following the death of the Cameron Brothers founders.

Read More at San Diego Union Tribune

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