Kingsmill sold to Escalante for $30.7 million

Tjefferson@vagazette.com

Editor's note: This article has been updated to better reflect the sale price. 

Escalante Golf acquired Kingsmill Resort officially on Wednesday for $30.7 million, according to a news release from the buyer and the James City County Clerk of the Circuit Court documents.

Texas-based Escalante Golf owns and operates 15 golf course properties throughout the country, according to its website. Escalante has acquired nine country clubs and golf resorts since 2011.

“Kingsmill Resort is one of the most iconic resorts on the east coast, started more than 45 years ago by the Anheuser-Busch Company. It has hosted some of the best-known names in golf, including the PGA Tour’s Michelob Championship from 1981 to 2002 and now the LPGA’s Kingsmill Championship. It is a vibrant community with more than 2,400 home sites and has hosted presidents and dignitaries since it opened almost a half century ago. It is truly a special place with a revered history,” said David McDonald, President of Escalante Golf, Inc in a news release.

View the full statement from Escalante Golf. 

The Kingsmill living community is 2,900 acres with private roads and a 24-hour police force. Kingsmill offers townhouses and single family homes. Kingsmill has 5,700 residents, according to the owner's website.

Kingsmill Resort includes 422 rooms, six restaurants, a 17,000-square-foot conference center, a full-service spa and fitness center, a marina, three golf courses and a 15-court tennis center.

The property is also the home of the LPGA Kingsmill Championship, which will take place on May 15-21.

Previously reported: 

Since December, Escalante has registered the following companies with the Virginia State Corporation Commission: Escalante KingsMill Beverage LLC, Escalante Kingsmill Development LLC, Escalante KingsMill LLC and Escalante KingsMill Resort LLC.

All four corporations have an effective date of Jan. 3, 2017.

Residents said they have heard rumors about the sale, but they haven't received any confirmation.

"At this point there's been no announcement made, no formal announcement," said Jim Zinn, a Kingsmill resident and former board member of the Kingsmill Community Services Association. "It's expected that we will get some either on Tuesday or Wednesday."

Escalante has had a tepid relationship with at least one homeowners association at a property it owned in California.

In 2016, A federal judge ruled in favor of the homeowners association at The Crosby at Rancho Santa Fe in their legal battle to prevent Escalante from renting the facility out for concerts, weddings, fashion shows, political fundraisers and corporate receptions, according to the Rancho Santa Fe Review.

Escalante no longer owns The Crosby, according to the company's website.

The Kingsmill sale, if finalized, would be the second time the property is sold in less than a decade.

In August 2010, Xanterra Parks & Resorts, owned by Denver-based Anschutz Company, purchased and assumed management of Kingsmill Resort. Xanterra purchased the resort from Busch Properties Inc for just under $24 million.

Kingsmill opened in 1969 after Anheuser-Busch purchased 3,900 acres along the James River. As part of the purchase agreement, Anheuser-Busch developed a portion of the property into Kingsmill.

Jefferson can be reached by phone at 757-790-9313.

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