The President Country Club

Delray Beach-based Palm Tree Golf Management has purchased the President
Country Club in West Palm Beach for $11 million, according to a
warranty deed filed in Palm Beach County Circuit Court.The 30-year old President, which is located at 2300 Presidential Way in
West Palm Beach, has 36 holes, including one course by noted designer
Robert Trent Jones, Jr. Attorney Joel Strawn of Strawn & Monaghan, who represents Palm Tree, could not be reached for
comment. Attorney Marvin Rosen, the club’s lawyer, confirmed the sale,
but declined to comment further 1 Comment

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The Neighborhood Assistance Corporation of America is returning to South
Florida with one of its loan modification expos, with a new event
beginning in West Palm Beach tomorrow. NACA, which is led by Bruce
Marks, was last
in the city in February, when its counselors worked on 24,000 loans
and modified 16,097 of them. According to the group’s agreements with
lenders, banks pay the group — which receives government funding — $500
for each successful loan modification that lasts three months without
default. [Miami
Herald]

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The Palm Beach Mall is preparing to celebrate its last Christmas before Japanese financial services firm ORIX, the mall’s mortgage servicer, takes control of the property next month. The mall’s current owner, Simon Property Group, was hit with a foreclosure lawsuit after it allegedly failed to repay $55.4 million in loans from JPMorgan Chase, and now the mall’s site is slated for development. The mall will be shuttered Jan. 30, with the exception of J.C. Penney, the Firestone automotive center, and George’s Music, all of which have outside entrances, and therefore, longer-term leases which require longer notice before termination. The city expects to hold community meetings to hear ideas for the site, where the current structure will likely be torn down, said West Palm Beach Mayor Lois Frankel. “The day of the indoor mall is probably passe,” Frankel said. “We’re looking for a new venue more appealing to today’s shoppers.” [Palm Beach Post]