A bankruptcy court-appointed trustee has hired an auctioneer to sell the 130-acre property in Bloomington, Ind., which is expected to take place in April. One of the expected bidders is Pointe Service Association, a homeowners association that represents 19 neighborhoods with approximately 900 residents.
A trustee appointed by the bankruptcy court to oversee the fate of Eagle Pointe Golf Resort in Bloomington, Ind., has hired an auctioneer to sell the 130-acre property, the Kokomo (Ind.) Perspective reported.
The request to sell the property is awaiting a federal judge’s approval, but went without objection from officials representing the former golf resort’s owner, Pointe Properties LLC. The real estate to be sold includes a clubhouse, a cabana bar and a 101-square-foot hot dog shack, the Perspective reported.
The judge’s ruling is expected to announce the time and date of the auction, which the trustee suggested be held in April, the Perspective reported.
Deborah Caruso, the court-appointed trustee overseeing the Chapter 7 bankruptcy case, filed a motion February 15 in U.S. Bankruptcy Court seeking to hire Norman J. Gallivan Inc. to conduct the liquidation auction. Her motion was granted last week, the Perspective reported.
One of the expected bidders is Pointe Service Association, a homeowners association that represents 19 neighborhoods with approximately 900 total residents who live near the golf resort on Lake Monroe, the Perspective reported.
“PSA is following closely the activity in the Pointe Properties LLC bankruptcy case,” Jeff Norris, the homeowners association’s president, wrote on its Facebook page. “PSA’s attorney is in frequent contact with the trustee and her lawyers. As we have reported previously, PSA intends to make a qualified bid to purchase the property and plans to participate in the auction on April 16, 2018.”
The association will hold an open forum for Pointe-area residents to talk about their possible purchase of the golf resort. The discussions will be held March 24 and 25, the Perspective reported.
The business declared Chapter 11 bankruptcy in September, nearly a year after purchasing Eagle Pointe Golf Resort for $1.4 million in December 2016. The filing came six days after the Indiana Department of Revenue prohibited the business from any further sales because of unpaid payroll and sales taxes. A judge converted the bankruptcy to Chapter 7, or liquidation bankruptcy, on November 2, the Perspective reported.
The property includes the golf resort, pro shop and bar and dining facilities. It has been appraised at $1.65 million, and does not include any of the residential areas at Eagle Pointe, the Perspective reported.