Deeds and WeedsMarch 23, 2009

Anyone Want "A Nondescript Golf Course"?

lochmoor_view.jpg

Lochmoor Country Club in North Fort Myers, Fla., closed for a couple of years, goes on the auction block April 14. This article in the Fort Myers News-Press suggests it will fetch no more than $7 million -- which has got to be painful for Marshall Investments Corp. of Minneapolis, which is owed $94 million in loans and fees.

Back in 2005 developer Darin Smith had big plans for the site: a 26-story condo complex, a marina, a $22 million makeover for the course. None of that got off the ground.

Local real estate broker Ed Bonkowski tells the News-Press the property is "a nondescript golf course." Though there are water views for homes that could be built on-site, "It has limited value in today's market," Bonkowski says. "It's unfinanceable."

-- P.F.