A reorganization plan for Pasadera Country Club, Montery, Calif., calls for new ownership and an aggressive marketing campaign that honors existing memberships.
The private club, which opened in 2000, filed for Chapter 11 bankruptcy in February 2009, reports Monterey County’s The Herald. Its owners had invested more than $40 million in the venture.
Under the reorganization plan submitted to bankruptcy court in San Jose, a group of investors from Hong Kong will buy the club for about $7.5 million.
Tom deRegt, a Pasadera Country Club founding partner, said the ownership won’t be made public until after the bankruptcy court’s ruling on the reorganization, scheduled for Aug. 12.
Golf and club operations include the 18-hole Jack Nicklaus Signature golf course, a fitness center, a pool and spa, tennis courts, a restaurant and club facilities. The club has remained open since the bankruptcy filing.