READ THE TITLE OF THE THREAD. If its in foreclosure what are the reasons?
Where did the money go?
Land, Golf course Architect, Golf course construction, Pro Shop, Dining Room/Kitchen/Bar, very well appointed rooms, Turtle bar, and more very well appointed rooms, Staff salaries, Management salaries, Golf course maintenance, Interest, and costs associated with planned "2nd" course.
I visited Ballyneal twice, loved it both times, but, I believe, that the fatal flaw in the model was this. In order to get members to pay $70k initiation fees plus dues, the amenities had to be really, really nice. I mean 5-star quality, and I believe they are. Unfortunately, the costs of providing the quality outran the memberships ability or willingness to support them.
Compare the quality of the accomodations at Ballyneal with the rather spartan rooms at Sand Hills. Big difference. Big $.