Judge rules on golf course
A bankruptcy judge on Monday said a Tom Weiskopf-designed, Lake Las Vegas golf course that cost $30 million to build a few years ago has become similar to a “toxic” dump that nobody wants.
Bankruptcy Judge Linda Riegle took one step toward letting a lender take possession of the property, but she didn’t make her final ruling.
The judge authorized Texas-based Carmel Land & Cattle Co., which holds a $15 million loan secured by the golf course, to foreclose on the golf course on Jan. 30. However, she delayed action on Lake Las Vegas’ request to abandon the property, because she was concerned that the property includes half of a water pumping station needed at the resort community.
Riegle said she will consider whether to grant permission for Lake Las Vegas to abandon the golf course at a Jan. 15 hearing.
Foreclosure of the golf course could be cost for Ron Boeddeker, the previous owner of Lake Las Vegas, several million dollars because he signed a personal guaranty on the $15 million loan.
The golf course is worth less than half the $15 million owed on the loan, said Frederick Chin, president of Lake Las Vegas Joint Venture and affiliated companies.
