The lender on a troubled local golf course is eyeing the green.
The course at Prince George Golf Club. (Photos courtesy of Prince George Golf Club)
First Community Bank is pushing for the ability to foreclose on Prince George Golf Club, which has been holed up in Chapter 11 bankruptcy protection since February.
The semi-private club about 12 miles south of Petersburg filed bankruptcy through Virginia Golf LLC after falling behind on its mortgage with the bank. The Feb. 18 filing helped it elude the first attempt at foreclosure.
Five months later, First Community is tired of waiting.
“Something needs to happen,” said Kimberly Taylor, an attorney with Kepley Broscious & Biggs who is representing the lender. “[The club’s owner] either needs to put a plan together, make payments on the loan, or find some alternative – a white knight or somebody to come in and buy it.
“It can’t continue to sit for months.”
The bank filed a motion in federal bankruptcy court in Richmond in July asking the judge for a relief from stay. That would lift the protective cover of bankruptcy off the 100-acre golf course property, allowing the bank to exercise its rights on the land that was used as collateral for the loan. That could include foreclosure. The judge has not ruled on the motion.
Virginia Golf LLC borrowed $1.22 million from the former Peoples Bank of Virginia. Peoples Bank was acquired by Bluefield, Va.-based First Community last year.
No payments have been made to the bank since the bankruptcy filing, adding up to $60,000 in missed payments, according to court records.
The balance of the loan is $1.08 million, the bank claims in its filing. The course was listed with a value of $950,000.
Ronnie Kelley, who owns the Prince George course, has said in recent months that he’s working to find investors to help get the club back on stable ground. Kelley did not return calls seeking comment on the bank’s latest motion and the status of his search for investors.
Kelley’s other course, River’s Bend Golf Club in Chesterfield, is also trying to dig its way out of the rough.
Chesterfield County sued the course in May in an attempt to collect on about three years of unpaid real estate taxes. The county has asked a judge to rule that the course can be put up for auction in order to drum up funds for the back taxes.
Those local taxes would supersede any other liens on the property, including mortgages.
The judge has yet to rule in that case.
Prince George remains open for business during its Chapter 11 case.
The lender on a troubled local golf course is eyeing the green.
The course at Prince George Golf Club. (Photos courtesy of Prince George Golf Club)
First Community Bank is pushing for the ability to foreclose on Prince George Golf Club, which has been holed up in Chapter 11 bankruptcy protection since February.
The semi-private club about 12 miles south of Petersburg filed bankruptcy through Virginia Golf LLC after falling behind on its mortgage with the bank. The Feb. 18 filing helped it elude the first attempt at foreclosure.
Five months later, First Community is tired of waiting.
“Something needs to happen,” said Kimberly Taylor, an attorney with Kepley Broscious & Biggs who is representing the lender. “[The club’s owner] either needs to put a plan together, make payments on the loan, or find some alternative – a white knight or somebody to come in and buy it.
“It can’t continue to sit for months.”
The bank filed a motion in federal bankruptcy court in Richmond in July asking the judge for a relief from stay. That would lift the protective cover of bankruptcy off the 100-acre golf course property, allowing the bank to exercise its rights on the land that was used as collateral for the loan. That could include foreclosure. The judge has not ruled on the motion.
Virginia Golf LLC borrowed $1.22 million from the former Peoples Bank of Virginia. Peoples Bank was acquired by Bluefield, Va.-based First Community last year.
No payments have been made to the bank since the bankruptcy filing, adding up to $60,000 in missed payments, according to court records.
The balance of the loan is $1.08 million, the bank claims in its filing. The course was listed with a value of $950,000.
Ronnie Kelley, who owns the Prince George course, has said in recent months that he’s working to find investors to help get the club back on stable ground. Kelley did not return calls seeking comment on the bank’s latest motion and the status of his search for investors.
Kelley’s other course, River’s Bend Golf Club in Chesterfield, is also trying to dig its way out of the rough.
Chesterfield County sued the course in May in an attempt to collect on about three years of unpaid real estate taxes. The county has asked a judge to rule that the course can be put up for auction in order to drum up funds for the back taxes.
Those local taxes would supersede any other liens on the property, including mortgages.
The judge has yet to rule in that case.
Prince George remains open for business during its Chapter 11 case.