Texas's Boot Ranch Golf Club, with a course designed by Hal Sutton as well as financial backing from the 14-time PGA Tour winner, is about to be foreclosed on, the San Antonio Express-News is reporting.
Lehman Brothers pumped $73 million into the struggling Fredericksburg, Tex., community in 2007, a year after the course opened. Now in bankruptcy reorganization, Lehman intends to sell the course and the undeveloped lots surrounding it, Sutton said in a statement released with partner Ken Jowdy of Legacy Properties. The statement said the sale will end their companies' involvement in Boot Ranch.
Lot prices in the community originally ranged from $400,000 for 3 acres to $1.75 million for 28 acres, which included the $175,000 fee to join the golf club. As of Wednesday, roughly 130 club memberships had been sold and the clubhouse village was nearly done, the newspaper reports.
The Sutton-Jowdy statement said an interim operator will run their club in their absence.