Complex Land Deal to Result in Golf Course

Cortese Properties Inc. of Santa Ana has sold 128 acres in Laguna Hills for an undisclosed price to the Golden Rain Foundation of Laguna Hills, which plans to sell a large chunk of the land for development of a 27-hole regulation golf course.

AMH Golf Corp. of Newport Beach would purchase the land for the course from Golden Rain Foundation, the homeowners association that runs Leisure World. “It’s unique that a community association would take a lead role in facilitating this golf course development,” said Phil Bettencourt, a spokesman for Cortese Properties. “It’s a very complex transaction.”

The course will include 85 acres in an adjacent Aliso Viejo planned community and a 20-acre site acquired by AMH Golf from the El Toro Water District.

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Debora Vrana covers real estate for The Times. She can be reached at (714) 966-5979 and at debora.vrana@latimes.com