Magnolia Green

More interest in troubled golf course

A distressed golf club in Hanover County has suitors beyond the members who have offered to pay $2 million for the course – which cost closer to $8 million to build – including a local real estate developer.

Magnolia Green goes into foreclosure

The financially troubled Magnolia Green Development, LLC (MGD) has been foreclosed on by its New York lender, iStar Financial. The lender claims that MGD has defaulted on a loan of $96.9 million that was issued in January of 2007, according to legal documents. The property will be offered for sale on May 19, the Times-Dispatch… Read more »