Jane Meinhardt | Tampa Bay Business Journal |
“The Tony Cheval Golf & Country Club in Lutz is seeking Chapter 11 bankruptcy reorganization.
The popular 18-hole golf course golf course property was in foreclosure proceedings when the bankruptcy petition was filed Feb. 6, court records show. The property includes the golf course, practice facility, clubhouse, pro shop and tennis courts. Assets and liabilities are estimated at $1 million to $10 million each.
Cheval Golf Club purchased the property in 2008 for $3.8 million but payments from the golf club to the seller to satisfy the outstanding mortgage were not applied as agreed, according to the case management summary in bankruptcy records. Extensive remodeling of facilities and renovation of the course costing more than $2 million took place from 2009 to 2011 but club membership decreased during the economic downturn.”