West Palm Beach country club files for Chapter 11

January 06, 2010 12:24 PM

The financially troubled Ironhorse Country Club in West Palm Beach has filed for Chapter 11 bankruptcy after losing a legal struggle to collect membership fees as the regional economy spirals even lower. Court documents show that the club, now appraised at $5.8 million, down from $9 million in 2006, owes $3.6 million to creditors, including Wachovia Bank. “It’s not uncommon for country clubs, especially of our size in a small community, to have a difficult time because there are just not enough members to support it,” said Bob Naples, president of Ironhorse. “You’re going to see a lot more go in the direction we’ve gone.” An appeals court judge ruled last month that the club’s developer could not charge mandatory fees to residents of the 320-home golf course development. Ironhorse has received a $2.4 million offer on the property, according to court documents. Naples said that offer came from chairman of Switzerland-based refinery Petroplus, who recently purchased two Palm City golf courses and is the owner of a Worth Avenue condo in Palm Beach. Brigette Muglai, the club’s catering director, said Ironhorse will continue to operate as the bankruptcy reorganization winds through the courts. [Palm Beach Post] and [SFBJ]

Related Article


Toys “R” Us files for Chapter 11 bankruptcy

Owner of Pompano Beach medical office building files for bankruptcy

“Public nuisance” building in WPB files Chapter 11

Placeholder image

Condo owners oppose $2.4 million receiver fee