"A bankruptcy judge on Monday said a golf course at Lake Las Vegas that cost $30 million to build a few years ago has become similar to a 'toxic dump' that nobody wants."
Thanks to reader Jim for this John G. Edwards story in the Las Vegas Review-Journal about the demise of Lake Las Vegas' "The Falls" course, a Tom Weiskopf design.
Bankruptcy Judge Linda Riegle took one step toward letting a lender take possession of the Falls, but she didn't make her final ruling.
The judge authorized Texas-based Carmel Land & Cattle Co., which holds a $15 million loan secured by the golf course, to foreclose on it Jan. 30. She delayed action on a request by Lake Las Vegas to abandon the property because she was concerned that the property includes half of a water pumping station needed at the resort community.
Riegle said she will consider whether to grant permission for Lake Las Vegas to abandon the golf course at a Jan. 15 hearing.
Foreclosure of the golf course could cost Ron Boeddeker, the previous owner of Lake Las Vegas, several million dollars because he signed a personal guaranty on the $15 million loan.
The golf course is worth less than half the $15 million owed on the loan, said Frederick Chin, president of Lake Las Vegas Joint Venture and affiliated companies.
David Stern, an attorney for Lake Las Vegas, said the golf course meets two key requirements for abandonment: It's of inconsequential value to the bankrupt companies, and keeping the course creates a financial burden on the debtors.
Other than that, they just love it.
Here's the course's website and links to tee time booking if you were hoping to tee it up before it disappears.
Monday, January 5, 2009 at 07:26 PM 6 Comments 
View Printer Friendly Version
Email Article to Friend
Reader Comments (6)
The strategies are boring, because they occur again again and again--the same hug it here to get the best angle of approach into the green, play it out here and your screwed--the entire round.
I will tell you this though. Somebody would be smart to pick up that superintendent because he gets it. That place seemingly was always in phenomenal shape.
With all due respect, the super gets it because of the budget that is projecting a $2.9 MM defecit for 2009. Enough money and desert grass is perfect, it is after all "the desert" - lots of sun - add water.
Yes, the course is a snooze, but then so is Vegas! baby.
"Defined by contrast and designed by Tom Weiskopf, The Falls leads golfers through elevation changes ranging from subtle on the desert floor’s front nine to extreme on the mountainous back nine.
"Awaiting golfers at elevated holes are breathtaking panoramic views of Lake Las Vegas, the surrounding mountains and the Las Vegas Strip. Throughout this 7,250 yard, par-72 course, water features create challenging hazards and natural beauty. From high to low, from pristine greens to rugged mountains, and from desert terrain to sparkling waterscape, a round at The Falls becomes a study in contrasts."
The Resort (sic):
"Reminiscent of the towns in northern Italy, Lake Las Vegas Resort is tucked into the desert’s mountainside less than 25 minutes from the famed Las Vegas Strip...."
"Sculpted from the rugged desert terrain of Southern Nevada, Lake Las Vegas Resort lies nestled within the desert mountainside just 17 miles from the world renowned Las Vegas Strip. Boasting world class hotels and spas, championship golf, and spectacular residential communities from amongst the finest builders in the nation, Lake Las Vegas Resort offers both guests and residents alike an unmatched experience centered around the 320 - acre privately-owned lake."
I can't tell you how disappointed I am that I won't ever visit LLV! Italy? Yep, just as soon as I can get back.
It was the NIcklaus course that held the Three Tour, also the Natalie Gulbis playing lessons with the pros.