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?

Arnold Palmer Golf Management affilate takes control of Boca Teeca Golf Course

The new management of the Ocean Breeze Country Club has been very busy since being appointed as receiver of property which remains in foreclosure by Wells Fargo bank. The receiver is an affiliate of the Arnold Palmer golf management organization which owns or manages over 40 golf courses throughout the U.S., including the famous PGA Resort in Palm Beach Gardens and the Weston Hills Country Club.

The receiver's affiliate corp web site indicate the company owns private clubs and golf courses that it acquired in partnership with Walton Street Capital and other investment partners. It also manages additional clubs and golf courses for third party owners. Century Golf Partners, d/b/a Arnold Palmer Golf Management, is focused on driving revenue, increasing market share and profitability by building member and guest retention, loyalty and referrals. Century’s portfolio of owned and managed golf courses is expected to generate more than $250 million in total revenues during 2010.

Century Golf Partners employs several thousand highly dedicated people who are committed to superior management of all facets of club and golf facility operations including: member acquisition and retention, revenue generation, yield management, expense control, agronomy, food and beverage and tournament sales, clubhouse operations, capital improvements, accounting and technology systems. The team has pioneered industry leading revenue-generation and yield management programs and is an acknowledged industry expert in private club membership programs and golf revenue concepts. At a time when many are focused solely on cost containment, Century Golf Partners is successfully driving revenue growth through aggressive capacity utilization.

The current owner remains in foreclosure and it appears that a judgement against the business operation for over $76,000 in December for sales tax which was expected to be a contributing factor in the need to appoint a receiver. It is our understanding that the operating manager on property under the MCZ Centrum LLC ownership, Dennis Taback, has been relieved of his position and a new general manager should be in place by Feb 1st.

We look forward to learning of the improvements planned for the property under this acclaimed Arnold Palmer Golf Management company.

Receiver Appointed for Ocean Breeze Golf Club in Boca Teeca

The court overseeing the foreclosure proceeding of the Ocean Breeze Golf Club property in Boca Raton has agreed to appoint a receiver of the property while the foreclosure proceeds through the legal process. While MCZ Centrum's LLC remains the owner of the property, the receiver will be responsible for the management of the property in order to protect the value to the mortgage holder, Wells Fargo Bank (formerly Wachovia Bank).

What does this mean for the future of the golf course? The receiver would be expected to bring-in his own management of the property since he is affiliated with a major golf course owner and management company. Hopefully, this receiver's management will result in long-promised improvements to the property which is located in the financially attractive area of eastern Boca Raton.

Golfers and area residents would benefit from improvements and professional management of this 27-hole championship golf course which is open to the public. We look forward to learning of the plans by this new management for this property.

Boca Teeca Golf Course Foreclosure Heating-Up

The foreclosure on the Boca Teeca golf course is heating up as the bank has filed a motion to appoint a receiver which would take control of the property from the current owners, MCZ/Centrum. On 1/11/11 there is a hearing at the PB County courthouse to hear this motion by the bank.

The golf course is still open and operating under the name Ocean Breeze Golf & County Club. Is Wachovia/Wells Fargo bank concerned that the current owner is not protecting the value of their collateral which also includes all furnishings and assets of the country club and hotel on the East side of NW 2nd Ave.? Or, would the bank's receiver plan to improve to the golf course in order to improve the value of the property that secures their loan?

According PB County public records the MCZ/Centrum LLC has not paid taxes for 2008 or 2009 and has liens on the property totaling almost $500k. The property is also subject to an investigation by the Florida Dept. of Environmental Protection (DEP) and the EPA concerning contamination that was confirmed in ealry 2010 on a portion of the South golf course at the location of the maintenance facility. The DEP has a specific time deadline for the owner of the property to complete an environmental assessment and provide a plan for resolving the contamination issue. Considering the lack of payments to creditors this environmental issue is a concern of adjacent residents who's property may have been affected by the historical operation of the golf course and are awaiting more details from DEP on this matter.

WPB attorney Lawrence Rochefort represents Wachovia/Wells Fargo in this foreclosure case.

Foreclosure Update/MCZ Centrum on Boca Teeca Golf Course

There have been several extensions granted to MCZ Centrum in the foreclosure that was filed by Wachovia Bank on March 19, 2010. The docket for this court case shows a court order on March 26th "TO SHOW CAUSE WHY FINAL JUDGMENT OF FORECLOSURE SHOULD NOT BE ENTERED AND TO SHOW CAUSE WHY AN ORDER TO MAKE PAYMENTS DURING FORECLOSURE SHOULD NOT BE ENTERED - HEARING APRIL 29, 2010 AT 8:45 A.M. SEE ORDER DTD MARCH 26, 2010 PER JUDGE"

On April 29th an extension of time was granted with subsequent extensions also granted on 5/6. 5/20, 5/28 & 6/1. The next hearing is scheduled for 6/14/10 at 8:45am with Judge Sasser. As shown by the numerous extensions granted MCZ Centrum, the foreclosure process is often lengthy. So, unless the principals of MCZ Centrum are able to find a buyer of the property for an amount agreeable to Wachovia, it would appear that this foreclosure will drag-on for several months.