Today In Bad Golf Course Business News...

J. Scott Trubey and Bill Torpy do a full autopsy on the Reynold's Plantation situation and its uncertain future.

“They were the Cadillac of development; they under-promised and over-delivered,” said state Rep. Mickey Channell, R-Greensboro, a 25-year Reynolds Plantation homeowner. “Based on their history, it was assumed they’d get through this.”

But the 3,600 Reynolds property owners soundly rejected Reynolds’ plan. After the vote, his business was placed into receivership, a move short of foreclosure. Now, a guardian is managing the Plantation and three other communities owned by Reynolds while the banks try to find a buyer or work out another deal with him. In all, 9,000 acres of his corporations’ property, about half its holdings, is held as collateral, is at stake.

And thanks to reader Del for Toby Tobin's analysis of Palm Coast golf courses dropping 71% in assessed value since 2008.

Comments

[rob]

The authors T summed it up in a nutshel - "But as Linger Longer wound up, the economy fell down."

I live and work on "The Gold Coast" - these days all my customers want is "silver plate" when presenting estimates.
New Gov. has decided to tax everything.

[PA PLAYA]

And I thought they had mistakenly taken me off of their mailing list..... turns out they're broke.

I guess it's a good thing that I didn't jump on that $250k corner lot back in 2005.

[Ky Laffoon's Ghost]

According to family legend (and knowing how tight these men were, for good reason, I believe it), I had a couple of great uncles who let their played out cotton lands in Greene County along the banks of the Oconee River go for taxes because they didn't think it was worth anything. Turns out they were right.

[Del the Funk]

-- "But Reed said the homeowners, some who have paid up to $110,000 in initiation fees, are worried they’ll never recoup that investment if a new owner comes in. He estimates there are more than $100 million in such outstanding fees. Where those fees are is “the $64,000 question,” he said. "--

Those initiation fees are gone, spent on development of any number of things. Those fees are gone forever.

They should just be thankful that the membership contract doesn't force them to pay dues until they are able to find a buyer for their membership! This is the case at Desert Mountain and a number of other places out West.

For the life of me I cannot understand why any sane person would agree to that stipulation, I don't care how good things were going at the time.

[Pasaplayer]

So where's the b

[Pasaplayer]

...bottom?

[Tommy Naccarato]

And some people thought the Mafia was bad.....