The Chester, Va., golf course filed for Chapter 11 bankruptcy protection on September 8 to forestall an auction of the property over unpaid taxes. Owner Ronnie Kelley is working on a deal with private investors to put a marina on the golf course’s mile of riverfront property that would provide cash to pay off debts. The 177-acre golf course remains open.
River’s Bend Golf Course LLC in Chester, Va., filed for Chapter 11 bankruptcy protection September 8 to forestall an auction of the property for unpaid taxes, the Richmond (Va.) Times-Dispatch reported.
The golf course’s owner said he is working on a deal to put a marina there that would help pay off the club’s debts, including several years of delinquent real estate taxes in Chesterfield County, the Times-Dispatch reported.
The semi-private, 177-acre golf course along the James River remains open, its owner and manager Ronnie Kelley said. “This is a bankruptcy in which we are reorganizing the business and moving forward,” Kelley said.
The golf course business listed assets between $1 million and $10 million, and liabilities between $1 million and $10 million in its filing with the U.S. Bankruptcy Court in Richmond, the Times-Dispatch reported.
Among its creditors, the golf course listed the Virginia Department of Taxation, which is owed $32,947 in sales taxes, according to the court filings. The amount owed to Chesterfield was not listed in the court filings, the Times-Dispatch reported.
River’s Bend Golf Course, like many other golf courses, was hurt by the economic recession, Kelley said. The number of “golf outings,” including corporate events, has declined, he said.
“We did a lot of charitable events, but the charities are having a hard time,” said Kelley, who has owned the golf club since 2004. “They are not raising as much money as they used to.”
The River’s Bend area, with its proximity to Meadowville Technology Park, could be a promising location for future business at the course, Kelley said.
The club has about 100 members, the Times-Dispatch reported.
The golf course also has more than a mile of riverfront property, and Kelley said he is working on a deal with private investors to open a marina there, which would provide the cash to pay off debts, the Times-Dispatch reported.
“I think we are getting very close to getting something completed,” Kelley said, adding that he hopes to close the marina deal within 60 days.
Kelley also owns Prince George Golf Club in Disputanta, Va., which was put into Chapter 11 bankruptcy in February to prevent a foreclosure, the Times-Dispatch reported.
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