Since his much ballyhooed apology, Tiger Woods has faded (again) from sight, leaving those associated with him to command some of the headlines. Cliffs Communities developer Jim Anthony is still waiting for his property owners to respond to his request for up to $100 million in financing to help finish what Anthony and Woods started at High Carolina, site of the fallen star’s first American golf course design. Meanwhile, inevitable skittishness that follows a developer’s financial problems is starting to work its magic on The Cliffs’ property values; we have spotted a number of “short-sale” properties in the Cliffs at prices 40% off their original listings, and one as low as $79,000.
Then, a few days ago, Gatorade swallowed hard and severed its ties with their main spokesperson. Now today comes word via an online Business Week article that the resort that hosted Woods’ apologia has gone bankrupt. The owners of the Marriott Sawgrass Resort, which has access to more than 85% of tee times at the famed TPC Sawgrass golf course next door, have filed for Chapter 11 bankruptcy. Such filings give a firm an opportunity to reorganize but, with vacation and convention traffic not expected to rebound until next year, major debt-holder Goldman Sachs could wind up as majority owner of the resort.
The Pete Dye designed TPC Sawgrass golf course and its famed island green 17th hole is not owned by the bankrupt firm, but some golf villas, as well other resort facilities, are included in the filing. There is no word if a value has been attached to those ugly dark blue drapes that served as such an appropriately somber backdrop to Woods’ recitation.
