Foreclosure For Myrtle's Legends
One of Myrtle Beach's best-known golf groups, operator of five courses, is headed for foreclosure, the Myrtle Beach Sun reports today.
The Legends Group runs the Parkland, Heathland and Moorland (pictured) courses at Legends Resort as well as the Heritage Club in Pawleys Island and Oyster Bank Golf Links just over the North Carolina border. The company also manages TPC Myrtle Beach but it will not be affected by the foreclosure, the paper says.
The Sun quotes Legends founder Larry Young as saying rounds played at his four courses were down 25 percent this spring. "Our debt is right at $50 million," he said. "No course would be able to survive being down 25 percent, unless they were debt-free."
Young's lender is General Electric Capital Corp. It is expected to bring in Arnold Palmer Golf Management to run the courses.