Golf Group of Palm Coast is throwing in the towel on another of the Grand Club courses they bought from Crescent Resources (Landmar) in November 2011.
PALM COAST, FL – June 16, 2016 – GoToby.com has learned that employees have been told the Cypress Course, formerly known as Cypress Knoll, will be closed tomorrow. Golf Group of Palm Coast purchased the Cypress Course, Pines Course and the closed Matanzas Course from bankrupt Crescent Resources for $2,000,000. Crescent operated locally as Landmar Group. The three courses were collectively know as the Grand Club.
Landmar had begun to redevelop the Grand Club. Pines and Cypress were each closed for a year to refurbish the courses. Cypress got a new clubhouse and the Pines clubhouse was upgraded. But the real estate bubble burst just about the time they closed Matanzas for its makeover. Work on Matanzas never commenced. Then the bankruptcy.
Since the purchase in November 2011, Golf Group of Palm Coast has been shedding assets. The closed Matanzas Course was sold for $266,750 in October 2014. Golf Group of Palm Coast held a mortgage on the property which they ultimately sold at a discount to Jim Cullis. The note has since been paid in full, but Matanzas remains closed. It’s HIGHLY unlikely that Matanzas will ever return as a golf course.
For the past few years, Golf Group of Palm Coast has continued to operate Cypress but has leased the Pines Course to Firinn Group LLC. The Pines Course remains open. One former Cypress employee told GoToby.com that Firinn Group might reopen Cypress in the near future. GoToby.com has been unable to confirm this rumor.
Both Cypress and Pines courses show outstanding tax liens for $19,576 and $22,613 respectively representing delinquent 2015 property taxes. They are not alone in their tax dilemma. Grand Haven Golf Course, owned by Escalante, has an outstanding tax lien of $78,800 for the 2015 tax year. The Cypress Course was opened in 1990.