Thursday, August 22 2013, 05:37 PM EDT
Luken Buys Valleybrook
Henry Luken added another Chattanooga-area golf course to his collection Thursday morning, turning in the highest bid at the auction for the Valleybrook Golf and Country Club.
The Drake family had decided to break up the corporation that had owned Valleybrook since it was built in 1962. The court had ordered the auction.
The bidding started at two-million dollars, but there were no takers. Finally someone spoke up with a bid of $500,000. Luken's highest bid of $950,000 plus a 6% sales commission gave him four local courses.
Luken has owned the Montlake course on Mowbray Mountain for several years. He recently bought the Eagle Bluff and Battlefield courses.
There had been some fear from Valleybrook residents that a developer might buy the property and build houses. Luken says Valleybrook will remain a golf course, but hopes to return it to a private course soon. He does plan to make improvements in the original clubhouse.By Darrell Patterson
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