Then, everything came crashing down in the era of credit default swaps and other dicey financial manipulations. In mid 2009, Currahee’s owners filed for Chapter 11 bankruptcy, indicating debt of a couple of hundred million dollars. Yet if you would like any updates on the bankruptcy, don’t look to the Currahee web site where its news tab leads you to an entry about a soapbox derby for the community’s kids. The rest of the “news” is equally unhelpful in terms of updates.
Golf club members are nervous and angry, as you might expect, and eager for better information.
“I feel like we have been taken advantage of during the last year,” one member posted at a blog site where other members share their frustrations. “I have really questioned what my dues buy us. Other than an expensive hamburger and movie periodically, I see no events at the club. No dinners, no bar. They collect for what? Club is usually closed.”
Currahee isn’t the only club in America that has fallen on hard times, and its web site is not the only one that gives no hint of its financial status. But Currahee’s situation is a good reminder that not all is as it seems on the Internet – and that banks don’t exactly excel at communication.
Of course, risk and reward go hand in hand, and Currahee has a foundation to succeed if its next owners have a good plan and deep pockets. Prices in the community are at their lowest since opening. Those with an appetite for a little risk and a good source of accurate information might find themselves a good deal at a golf community like Currahee.
If you have any questions about any specific golf communities, contact me and I will do my best to determine where they stand.
