Pacific Western Bank held a foreclosure sale for Stone Eagle Golf Club on Wednesday, and the bank is the new owner of the club, for now.

“It's a procedural thing. It's a friendly foreclosure,” said Tom Cullinan, senior vice president for Stone Eagle Development LLC, who was at the sale with bank officials.

Representatives from Pacific Western were unavailable for comment Wednesday, but Cullinan said Stone Eagle was put in a holding company pending a sale to the club's members.

“Our target date (for the sale) is April 1,” Cullinan said. “We agreed to some terms and conditions with the bank before the foreclosure sale. Our plan is to go through the proper legal documentation and steps necessary to effectuate a sale at that time.”

Located on 700 pristine acres off Highway 74 in Palm Desert, the golf course remains open and operating as usual, Cullinan said.

The Retreat at Stone Eagle, the exclusive enclave of multimillion-dollar homes located at the club, is not involved in the foreclosure.

Pacific Western began foreclosure proceedings for the financially troubled club last year, the result of the recession and a drop in sales that has affected golf clubs across the valley.

But Cullinan is putting a positive spin on the foreclosure.

“We believe it's a very positive step in getting the club going forward to prosper and thrive in the future,” he said. “That's our goal.”