The owner of the Presidential Country Club, an 18-hole golf course in North Miami Beach, Fla., filed for Chapter 11 bankruptcy protection earlier this month. According to the South Florida Business Journal, the petition lists $10 million to $50 million in debt and $1 million to $10 million in assets.
Lisa Gungoll, spokeswoman for Kemper Sports Management in Chicago, said Kemper still manages the golf course, but the company typically does not comment on ownership matters.
According to records filed with Miami-Dade County Circuit Court, the Union Labor Life Insurance Co. gave Presidential CC a $17.25 million mortgage in September 2005. In August 2008, the loan was increased to $17.75 million. In December of the same year, the loan was increased to $20.03 million.
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