The 18-hole, Springfield, Ill., golf course will be sold to the highest cash bidder on March 8. A court notice of the foreclosure sale indicated the judgment, including penalties and interest, is now a little more than $1.7 million, and the course has remained open during legal proceedings.
A circuit court judge has set the foreclosure sale of Piper Glen Golf Course in Springfield, Ill., for March 8, the Springfield-based State Journal-Register reported.
Illinois National Bank foreclosed on the 18-hole course last August after DMI Enterprises and owner David Impastato fell behind on an approximately $1.1 million mortgage approved in 2006, according to court records. A court notice of the foreclosure sale indicated the judgment, including penalties and interest, is now a little more than $1.7 million, the Journal-Register reported.
Impastato was also the club pro at Piper Glen. The course opened in 1996 as part of the Piper Glen commercial-residential development, the Journal-Register reported.
The course will be sold to the highest cash bidder, according to the sale notice. Walters Golf Management of St. Louis was hired to manage and improve the course pending the foreclosure sale, the Journal-Register reported.
The course has remained open during legal proceedings. Initial repairs included the irrigation system in order to restore the golf-course fairways and greens, the Journal-Register reported.
“We’re booking outings and looking forward to a good season,” said Matt Briggs, club pro at Piper Glen. “We installed a new pump to provide more water. It was the main problem that allowed the course to get into the shape it was in.”
Sangamon County court records show the U.S. Small Business Administration has filed a counterclaim in the case, arguing an “interim” SBA loan of $1.1 million approved in 2006 should take precedent over the Illinois National Bank mortgage, the Journal-Register reported.
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