TULSA, Okla. (AP) - The Shangri-La Resort at Monkey Island in northeastern Oklahoma is being sold to a Tulsa businessman.
The sale price was not disclosed.
The 415 acre once-popular vacation spot on Grand Lake is being bought by Eddy Gibbs who says he plans to immediately start construction of a new clubhouse for the two 18-hold golf courses. Gibbs is owner and CEO of Ameristar Fence Products and is a longtime member of the resort.
Previous owner Peter Boylan III bought the property in 2005 for $5 million with plans for a new hotel and residential development. He says the weak economy hurt those plans.
Gibbs' plans call for a new 6,000-square-foot lake-view clubhouse with a pro shop, meeting space and a restaurant and bar.
Information from: Tulsa World, http://www.tulsaworld.com