The Monument, Colo., club’s golf course and clubhouse have been closed after Exchange Bank foreclosed on the ownership group on a $1 million loan, giving no indication of the property’s future. Though the Homeowners Association is concerned about the closure’s effect on property values, the golf course cannot be developed with either homes or commercial developments because it lies within a floodplain.
The course and clubhouse at King’s Deer Golf Club in Monument, Colo., are closed “until further notice,” the Colorado Springs (Colo.) Gazette reported.
Exchange Bank foreclosed on the ownership group and locked the property on February 13 without any indication of the course’s future, according to an e-mail from a person associated with the golf course. All course employees were let go that day, the Gazette reported.
The foreclosure was on a $1 million loan, according to the El Paso County land records. The records do not show how much is still owed on the loan, the Gazette reported.
According to the community’s Homeowners Association (HOA) website, a recent issue of the King’s Deer newsletter had ads promoting golf course specials, the Gazette reported.
“If the golf course owners suspected this foreclosure was pending, we doubt they would have spent money on the advertisements,” the King’s Deer Board of Directors said in the web posting. “This is an unfortunate and unexpected turn of events.”
An Exchange Bank representative from Kearney, Neb., was scheduled to speak to the HOA on February 18. Representatives from the bank declined to comment before the meeting. A member of the golf courses management staff also declined comment, saying he was not authorized to speak on the matter, the Gazette reported.
John Highhouse, President of King’s Deer HOA, said his group is concerned about the golf course closure’s effect on property values. King’s Deer has 532 properties, and about 400 of those are developed home sites on lots that are about 2.5 acres, the Gazette reported.
“This is a golf course community, and people have homes on the golf course with the expectation that the golf course would be there,” Highhouse said.
However, King’s Deer Golf Course cannot be developed with either homes or commercial developments because the course, except for the clubhouse and parking lot, lies within a floodplain, Highhouse told the Gazette.
“Of course we are still concerned, but the fact they can’t build condos in the backyard somewhat eases our minds,” Highhouse said.
The HOA and the golf course are separate entities. When asked if the association might purchase the golf course, Highhouse said it’s “not in a position to do that, but some of the homeowners may get together and do that.” Since the property cannot be developed, Highhouse said the course would make a great recreational space for the surrounding community, if the course is not reopened, the Gazette reported.
Nearby Monument Hill Country Club’s golf course closed briefly in 2012, and re-opened in June 2013 with plans to stay open. Gleneagle Golf Club closed its course on November 1, the Gazette reported.