The 83-year-old Meadowbrook will stay a golf course and not be developed into housing.
After a last-minute bidding war, Meadowbrook Country Club, Racine, Wis., was sold earlier this month to a group including its last golf pro, Jason Samuelian, and Ramiro Romo.
Immediately after Racine County Circuit Court Judge Dennis Barry approved the $1.425 million sale, Romo promised that 83-year-old Meadowbrook will stay a golf course and not be developed into housing, reports the Journal Times.
Although the purchase guarantees Meadowbrook will continue as a club and golf course, the resolution does little for most creditors. Johnson Bank will get the lion’s share to put toward the $1.9 million it was owed.
In November, with Meadowbrook drowning in about $3.2 million of debt, the club’s directors placed it in receivership. With the receivership completed, the new owners take over free and clear of past debts.