Luxury Golf Course Facing Foreclosure

by Deidre Woollard (RSS feed)
Sep 3rd 2009 at 12:01AM

Keeping a golf course in the middle of the desert maintained is no easy or inexpensive task and now it looks like one luxury golf course may be fighting foreclosure. The Desert Sun reports that the private Stone Eagle Golf Course in California's Palm Desert may be facing foreclosure. The course is part of the community called The Retreat at Stone Eagle where homes can sell for several million dollars. The course was created by LDD Desert Development Inc.. Bill Powers, president of Pacific Western Bank, confirmed to the Sun that a Notice of Default was filed against Stone Eagle Golf Course. Ted Lennon, the president of LDD has said that he is working with the bank and golf course members to alleviate the situation.

The news article also says some members have been approached with a request to pay $100,000 each to help keep the golf course on track. The cooler months are prime golfing season in the desert and the turf is currently being prepped and announcements of tournaments were recently released. The comments on The Desert Sun article are pretty interesting, no one is exactly shedding a tear for the course's predicament. Some say it should never have been built and should be given back to local wildlife, others say it should be made public so locals get a chance to play.

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Tags: foreclosure, foreclosures, golf, golf course, GolfCourse

Filed under: Sports, Real Estate Developments

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Reader Comments (Page 1 of 1)

Lionel Ripepe Sep 4th 2009 9:29AM

WHERE IS BERNIE MADOFF AND HIS CRIMINAL CEO PALS GOING TO PLAY GOLF ?

Qtztutz Sep 4th 2009 11:09AM

The problem is that the Palm Desert area is very much divided between the "haves" and the "have nots". Working and living in the area usually means that you don't make enough to have access to the "lifestyle" that places like Stone Eagle offer. Further, environmentalists don't like the rich guys' recreation infringing on the habitat of the Big Horn Sheep. It's a nasty mix of resentment (of wealth) and conservation.

M Sep 4th 2009 12:43PM

Palm Desert sucks.

Frank Sep 4th 2009 1:15PM

You can also throw in excessive use of resources due to an unsuitable location. Wouldn't it be easier to build a golf course where stuff is green to begin with instead of building and maintaining greens in the desert? The watering expenses alone must be staggering, and most of it is evaporating! Poor business plan from the beginning, an example of wretched excess spawned by overenthusiasm , and baseless optimism that an economic boom will last forever.

Danny Sep 4th 2009 11:14AM

Shut it down & more as necessary. This is not the way to promote a "green" environment.

tcorchid Sep 4th 2009 11:46AM

A high price top ranked golf course near us didn;t open this year,,, becasue they could not make enough. I saw vulture birds circling gthe empty field and thought....
NATURE won on this one.
As someone who is struggling to just keep a roof and food on the table I am glad to see the rich are having to lose something too... its what we call trickle UP economics.

jon brija Sep 4th 2009 1:40PM

SEE ....it's comments like yours that tick me off. I'm at the bottom of the barrel in my life right now at age 46. I've been comfortable (never "rich" as you might put it) and now due to the economy, am as close to homeless as you can get. Can't get unemployment (been my own boss for 13 years) and have a vehicle due to the generosity of an old boss. But I would NEVER, EVER say, "well at least now the rich ar losing something". First of all. they're not losing anything, gold clubs are like weeds, they're everywhere. But, don't you aspire to be wealthy??? If you get there by the sweat of your own brow, how would you feel if some idiot wrote that he felt better because now you were hurting too. That's classism my friend. As ugly as racism.

evelyn Sep 4th 2009 12:41PM

How much precious water does it take to keep that grass green so the rich old farts can have a pretty course in the desert?

Dennis Sep 4th 2009 12:43PM

Well, I'm afraid this is just the tip of the iceberg... Even Public GC have gotten too High In Costs to play them... Most being Subcidized by Taxpayers $ should be alot Lower in Fee's than they are...

I understan with ours ( County and Town GC's) they' ve been using their profits to fund other funding in other depts and in effect Stealing GC $ to keep from having to raise taxes for other projects...

they raised the fees by over 125% in our town in the past 4 yrs and now the course is Shut Down..why? Not enough Players and they didn't keep the previous profits in their Accounts to keep the prices down and keep things going..

We Fired our City Council members who approved of This Dipping into the PGC funds in the past..I wanted to Have them Indicted..and charged with Negligence..

It was their ReElection Platform on how they helped keep taxes down the past 4 yrs..

You can bet their is some Illegal business that goes on with those Private Courses as well..

Sandra Sep 4th 2009 12:47PM

I would guess there are two factors...rich old guys bought the homes and are now dead, or members are aging and don't play as much after they are 70/80. Of course, they just might not be able to afford it anymore.

Open it to the public...let others enjoy the beautiful scenery.

robin owens Sep 4th 2009 12:49PM

wasn't the ninety great

dls031568 Sep 4th 2009 12:51PM

Awwwwwwwwww............what a shame........welcome to the real world..... sucks dont it?!?!?!

Dennis Sep 4th 2009 12:51PM

Maybe they should have been having TopLess Girls driving around in Beverage Carts like a neighboring Course does, that is Thriving..? ( This course and other PGC's have them all the time and alot more 'Speical days" ) and How do you think the Vegas PGC's operate?

Mike Ditka has just Invested into Longerie Football... Girls Dress( or almost) in Langerie and play Football... Ought to be another Winner
along with HOOTERS, Pole Dancing and Gentlemens clubs..

Each Girl/Playe gets a Min. $5,000 per Game and Winners get $10,000 and chance to be in Playboy Mag..( worth $50k )

Wisconson GC had the Polar Bears Girls calender on the Golf Course 2 Januray's ago, in Fur tops and Bottoms only..Playing Golf.. It sold all 10,000 copies as a fund Raiser for our Boys in the Service.. Those Cheesehead Girls Looked Very nice Putting...

You go girls!

ROFL

;>)

JustinOpinion Sep 4th 2009 1:14PM

If it has to be shut down, heres hoping that they don't spoil it by building more homes and/or stores! Leave it green. It's gorgeous!
You people who are SO freaken' nasty disgust me. Who cares if others have more money than you do? How freaken' jealous are you, and DON'T even begin to say you wouldn't want their money. You'd take it in a heartbeat. Me, I've never been rich and never will be, and that's OK with me. I like my life. Too bad you all can't say the same.

mastercfo Sep 4th 2009 1:21PM

The "Borrow and Spend" economy of the last sixty years provided the excess cash that made improbable and uneconomic ventures possible. Some bank loan officers and economists never understood that such ventures were financed by resources that had not yet been "earned". Fast forward from sixty years of fantasy into the "now" of reality, and these unearned resources have still not been earned, and no current resources are now available to cover these fantasy ventures. This shows the failure of intellect at bank and fed policy levels to understand the theory of economics. Resources of today are now needed to just provide for the cost of everyday existence. The current predicament of this desert venture is the typical end-game for investors and lenders who see opportunity where only disaster lurked.