Lynn,
Raleigh CC completed a major course renovation in which they complete refurbished the greens, bunker, tee boxes and fairways. The course renovation was in anticipation of the Buy.Com Carolina Classic coming for 3 years to RCC. Overall, the course renovation was excellent and the old Ross is once again a very solid course.
With the course renovation, Buy.Com exposure and general economic upturn in the late 90's, RCC decided to take on a major facilities renovation. RCC completely rebuilt its clubhouse, dining facilities, locker rooms, pool and pool house. The second round of renovation combined with the expenses incurred with the course renvoation required RCC to assume a fairly large amount of debt (rumors have the remainning course debt at $1.2MM and the facility renovation at $3.8MM for total debt of $5MM).
RCC has always been a golf first membership with very little, if any, emphasis on "social" aspects. The club is located in a less desirable part of town which has always limited the "social" appeal of RCC. It appears RCC tried to make facility changes in an attempt to increase membership and change (or increase) the social appeal of the club. Unfortunately, their timing was very poor and the club has struggled to gain (actually maintain) members. Consequently, the financial pressure of the debt might be the ultimate reason RCC is forced to sell its property. It would be very unfortunate as the golf course is absolutely a treat to play and is maintained in great condition. Hopefully RCC will be able to work out some agreement or generate sufficient capital internally to solve their financial woes.