A Lender's Legacy
Textron Financial, a unit of the conglomerate that makes E-Z-Go golf carts, is about to take control of Legacy Golf Club in Sarasota, Fla., according to the Sarasota Herald Tribune.
The club carries 4 1/2 stars in Golf Digest's Places to Play ratings and was designed by Arnold Palmer and his partner Ed Seay. Owner/manager Troon Golf owes $7 million on the course and is transferring control to Textron to avoid foreclosure, the Herald Tribune reports. The problem: declining revenue because of the recession.
Legacy isn't the only Sarasota course changing hands. Last week Excel Golf announced an agreement to take over the Concession Golf Club, a high-end private course designed by Tony Jacklin and Jack Nicklaus.