Leisure Industries bought the golf club from OB Sports for $10.8 million. Besides the golf course and amenities, the deal includes the assumption of debt and other liabilities.

In the development rights deal, Leisure Industries paid $5.8 million to Raintree North America for development rights to Cimarron Resort, a timeshare development. As part of its agreement with Raintree, Leisure Industries will pay off $1.96 million and assume other Raintree debt in connection with the project.

Leisure Industries said it will market the project as a timeshare called Cimarron Golf Resort. The site is approved for 242 villas, 40 of which are built. The Las Vegas company will develop the remaining 202 units beginning this month, with construction expected to take about nine months.

Leisure's CEO, Floyd W. Kephart, said the resort purchase represents an expansion into Southern California for the company, which focuses on upscale properties in premier travel destinations like Palm Springs.

Cimarron Golf Resort is a 270-acre development, which includes two membership based courses, an 18 hole, 6,858-yard championship golf course and a 3,156-yard executive course, both designed by John Fought. The 26,000-sf clubhouse houses a pro shop, bistro and sales offices. Other resort facilities include tennis, pools, spas, recreation and fitness centers. The resort is an affiliate of RCI Gold Crown, which manages its hospitality functions. The golf facilities are managed by OB Sports Golf Management LLC.

This new Leisure Industries deal follows an announcement in March that the company, then known as Mego Financial Corp. had signed a letter of intent to acquire Raintree Resorts International Inc., subject to certain conditions. After due diligence, Leisure chose to acquire only the Cimarron property from Raintree.

In addition to its Palm Springs acquisition, Leisure has properties in Nevada, New Jersey, Colorado, Florida and Hawaii.