Gaillardia G&CC Foreclosure Action Begins

The Oklahoma City property was placed into court-appointed receivership in June after tandem foreclosure moves by First Liberty Bank of Oklahoma City, with an outstanding balance of $1.5 million, and Little Rock, Ark.-based Bank of the Ozarks, with an outstanding balance of more than $6.8 million. Owner Phil Herrington has controlled the 275-acre club for 10 years.

Foreclosure action is taking place in Oklahoma City and centers on the 275-acre Gaillardia Golf & Country Club with its 7,240-yard championship course, the Little Rock-based Arkansas Business News reported.

In late June, Gaillardia was placed into court-appointed receivership after tandem foreclosure moves by First Liberty Bank of Oklahoma City and Little Rock, Ark.-based Bank of the Ozarks, the Business News reported.

First Liberty foreclosed on a second mortgage with an outstanding balance of more than $1.5 million to start the court action. Bank of the Ozarks joined in the suit by foreclosing on its first mortgage with an outstanding balance of more than $6.8 million, the Business News reported.

The Bank of the Ozarks debt is additionally secured by the personal guarantees of owner Phil Herrington and his wife, Annette. Herrington has controlled Gaillardia for about 10 years, the Business News reported.

Herrington offered this comment about Gaillardia to the Business Times via email:

“In our 27 years of business, all of our banks have been fully repaid on completed projects without exception. We have enormous respect for the Bank of the Ozarks as well as First Liberty Bank, and consistent with our record, they will be repaid in full at Gaillardia.

“We are also focused on the good firms who regularly do business with the club, who will also be fully repaid. We are cooperating with all the parties involved to resolve this quickly for the benefit of the members.”