Jul. 20—ALEXANDRIA — It looks like the troubled Yule Golf Course will once again get a new lease on life as it becomes part of a new senior housing complex.
Magnolia Health, doing business under Alexandria Golf Realty LLC, purchased the property on June 30 from businessman Dale K. Rinker to create a new all-inclusive development that will include the 18-hole golf course, 40 brick duplexes and a 6,000-square-foot clubhouse.
"I think it's awesome, great news for Alex," said Mayor Todd Naselroad.
Yule, 1800 S. Harrison St., is one of several golf courses in Madison County that have fallen on hard times over the past decade, including Killbuck in Anderson, the most recent to close. Elwood, however, was able to reopen the former Cattails Golf Club in 2017 as part of the Bison Ridge housing development.
Currently zoned R-1, which does not allow for multi-family units, the 158-acre Yule Golf Course is in the process of being rezoned as R-2.
Alexandria Economic Development Director Allen Moore said the stability that is likely to be added by the project will likely soothe residents of the neighboring Yule Estates who for years have worried about its fate.
"You have a buyer who has a model that can sustain the course," he said. "Adding 40 all-brick duplexes surely will add to the tax base."
Rinker originally had bought the property at auction in 2012 hoping to return it to agricultural use. However, after an unsuccessful attempt at rezoning, he entered a contract in 2016 to sell the property for $800,000 to Jeff Adams, who announced the reopening of the golf course to great fanfare.
However, according to a civil suit decided by the Indiana Court of Appeals in May, Rinker claimed Adams never paid anything more than the $500 in earnest money, leaving Rinker responsible for paying $42,000 in commission fees, plus interest, attorney fees and other costs.
Follow Rebecca R. Bibbs on Twitter at @RebeccaB_THB, or call 765-640-4883.