The owner of Sea Oaks Country Club in Little Egg Harbor Township, N.J. has filed for protection from creditors in federal bankruptcy court. The club was sued by a creditor in February, claiming it was owed about $10.3 million on a delinquent loan.
The owner of Sea Oaks Country Club in Little Egg Harbor Township, N.J. has filed for protection from creditors in federal bankruptcy court, the Cherry Hill Courier-Post reported. Sea Oaks Golf Club LLC, which includes an 18-hole course and a 31-room inn, reported assets of about $5.3 million in a Chapter 11 filing. It reported liabilities of about $10.3 million, with most of that owed to one lender.
The creditor, Atlantic Homes Inc. of Toms River, sued Sea Oaks in state court in February, asserting it was owed about $10.3 million on a delinquent loan, the Courier-Post reported. Atlantic Homes holds a 49 percent stake in Sea Oaks Golf Club, according to the filing in U.S. Bankruptcy Court, Trenton.
An affiliated firm, Sea Oaks Country Club LLC, also sought Chapter 11 protection, the Courier-Post reported. Its filing noted assets of about $345,000 and liabilities of almost $13 million.
The country club leases the property from Sea Oaks Golf Club, its filing says. Unsecured creditors of the country club include people planning weddings, reunions, banquets and fundraisers at the site, as well as parties celebrating baptisms, first communions and baby showers, the Courier-Post reported.
The 163-acre golf course includes a 35,000-sq.-ft. clubhouse with a restaurant and pro shop, the Courier-Post reported. Sea Oaks Golf Club also has approvals to develop 29 condominiums or townhomes on vacant land, the filing says.
The Ocean County country club closed earlier this year due to the COVID-19 state of emergency and has not reopened despite an easing of those restrictions, the Courier-Post reported. An attorney for both Sea Oaks entities, Timothy Neumann of Manasquan, could not be reached for comment.
Tell Us What You Think!
You must be logged in to post a comment.