Foreclosure For C.C. Of The South

January 04, 2010

Country Club of the South, a Jack Nicklaus-designed course in the wealthy suburbs north of Atlanta, is in foreclosure. Its sale is scheduled for Jan. 5 on the steps of the Fulton County Courthouse.

The upscale, 900-acre residential community surrounding the course, site of more than 700 homes, is not part of the foreclosure sale.

The golf club's problems apparently stem from $9.5 million in bonds originated by the Bank of North Georgia in February 2006. The money, due in 2015, went to acquiring and improving the golf course and its amenities. Here's a link to a brief Atlanta Business Chronicle writeup on the sale.

-- P.F.