I've been playing for the last 13 years Shawnee CC in Topeka, and in April of 2010 our board had the letter ready to send out announcing that the club was closing. The bank holding the mortgage didn't think that was a good outcome for its asset, so since 4/1/10, a management company has been running it for the bank.
There's been good and bad. the uncertainty has made it hard to get and keep members, but our new manager at least have changed the focus from the clubhouse to the golf course. Now Shawnee GC, we are getting some outside play (about 1/3 of rounds), and what little money they have is being spent on the course.
Interstingly, about 10 daya ago, my wife and I played Hillcrest GC (formerly CC) in Kansas City, the only otyher Ross design around here. They have a HUGE, beautiful clubhouse and a great new pool... and they are both essentially closed by the new owners. We talked to a fellow in in charge of what is open, and he told us about a day three years ago when they called in the employees to tell them that they couldn't pay the mortgages any more.
So they were letting some investors take it over. The course isn't in great shape, but it is still open, and we played it for ~$25 each on a Groupon.
Around here, the golf market is crashing and courses are finding out that the market will only bear about $100 monthly dues, and perhaps $25 green fees. So they are trying to figure out how to run a course on the resulting income.
K