Saturday, January 28, 2012

Ocean Breeze Golf Course Update - Over 47,000 Rounds in 9 Months

According to the court appointed receivers 9 month report there were 47,461 rounds of golf played during the first 9 months at the Ocean Breeze golf course. This golf course is the only championship level public golf course located within the city limits of Boca Raton.

This 27-hole golf course property & hotel has been in foreclosure by Wachovia/Wells Fargo bank since March 2010 as a result of MCZ Centrum failing to make payments on their $7 million mortgage and failing to pay real estate property taxes for over 2 years. There have been no recent filings on the foreclosure by Wells Fargo (acquired Wachovia) so they appear content to allow Arnold Palmer golf management company to continue operating this property as the appointed receiver since Jan. 2011.

Arnold Palmer golf management company was the first professional golf course manager in this property's over 40 year history and they have done a great job in only 1 year in rehabilitating the quality of the golf course. This golf course was operated as a private country club for the first 35+ years and only become open to the public in recent years. As shown by the over 47,000 rounds of golf played in only 9 months this is a valuable recreation resource to the Boca Raton community.

What is the future of this property after the foreclsoure? Is Wells Fargo willing to accept a short-sale offer to a buyer who is interested in preserving this community recreational amenity?