..another BIG one bites the dust

[WilsonWedgeMan]

FOR SALE

NOTICE OF BANKRUPTCY SALE OF 45‐HOLE GOLF COURSE, CLUBHOUSE AND GOLF DOME (419

ACRES) IN FRANKFORT, ILLINOIS.    IN RE: Chapter 11 Bankruptcy Case No. 11‐25934

Located in Frankfort, Illinois, Green Garden Country Club and Golf Course (“GGCC”) consists of

approximately 419 acres, or nearly 18.25 million square feet of real estate.    The property

includes two 18‐hole golf courses and a 9‐hole golf course, as well as a driving range, clubhouse

restaurant and bar, banquet facilities, pro shop, grounds keeping equipment and indoor golf

dome.  GGCC is a public course open year round.  The facility also has paved paths throughout.

Assets to be Sold: The Golf Course Assets, which must be sold together and will not be sold separately,

do not include cash or accounts receivable. The Debtor shall only consider bids for all of the Golf Course

Assets. Provide for a cash purchase price with respect to the Assets in the sum of at least $5,500,000 in

the aggregate.

Bid Deadline and Submission: Bids must be received no later than 12:00 noon (prevailing Central time)

on March 9, 2012.

Auction: If more than one Qualified Bid by a Qualified Bidder is received by the Bid Deadline, an

Auction shall take place on March 12, 2012, at 10:00 a.m. (prevailing Central time) at the offices of

Foley & Lardner LLP (Counsel to First Midwest Bank), 321 North Clark Street, Suite 2800, Chicago,

Illinois.

Closing: Pursuant to Bankruptcy Court approval of a final bidder, the closing of the sale transaction

must occur on or before March 30, 2012.

...truely sad..as this HAD to be a 1st class resort.....

[LuciusWooding]

Too bad, but I'd be surprised if the whole thing was demolished; 45 holes is a lot of real estate and I can't see how it could possibly be profitable. Most likely it will be partially redeveloped, but some of the course will remain. It even has a dome? Sounds like it's way overbuilt. You can make a profit off a decent course, even 27 hole facilities can manage ok, but this would need thousands of people to support it and it's hard to find that many golfers in any area.

[Kieran123]

http://www.greengardencc.com/

Looks quite nice