Same deal with course m parents lived at. Management just ran it into the ground. Did not market effectively to the large popular resort that was just across the lake, in fact the manager actively antagonized the resort manager. Didn't get enough events to come out, events that had gone there for years stopped coming. He didn't care because they weren't "golfers". He kept going off to low level competitive events on the weekends instead of running the business. His buddies kept coming and playing for free. Low revenues fed shortcuts on maintenance that then started a death spiral of disappointing golfers not coming back. There was a Google review where someone stated that it was as if they were trying to win a contest for the worst golf course ever. Regardless, the retirees in the community kept on using it as the center of their social day, playing along on terrible greens. Then one day the place was empty and all of those invoices vendors hoped would be payed were certainly not going to be. I suppose the manager trying to sell "lifetime" memberships for cash was a pretty good indicator.
Sad, the course has good bones and if it was effectively managed and marketed it could have been a good little lifestyle business for a owner. To expensive to fix now that it's been 3 years gone. It was a 26,000 round a year course at it's best and was never going to make anyone rich, but it could have done OK if run correctly. Oh well.