Teed-Off Residents Drive Bonita Bay To Brink Of Bankruptcy

It's not easy living on a golf course. Bonita Bay Group, once a premier developer of upper-crust golf communities in this upper-crust town, is on the verge of collapse. The company says it will be forced to file for bankruptcy if it has to refund $245 million in golf-club membership fees some h...

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Bibliographic Details
Published inDaily Bankruptcy Review
Main Author Bulkeley, William M
Format Trade Publication Article
LanguageEnglish
Published New York Dow Jones & Company Inc 24.09.2009
Subjects
Bankruptcy
Corporate profits
Country clubs
Developers
Golf courses
Golf equipment
Housing developments
Refunds
United States > US
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Summary:It's not easy living on a golf course. Bonita Bay Group, once a premier developer of upper-crust golf communities in this upper-crust town, is on the verge of collapse. The company says it will be forced to file for bankruptcy if it has to refund $245 million in golf-club membership fees some homeowners are demanding, in a battle that's pitting residents against each other and against the company that sold them lavish dream homes during the height of the boom.