It remains to be seen if this is great news or not.
I'm confused a bit, the secured note holder has eliminated the debt that was on the club. He has now, in theory, made it much more economical to run (i.e. no principle and/or interest payments to make out of the cash flow).
The previous equity partners were NOT going to get their money back, that point is proven by the fact that there was no one else on the court house steps to bid on the foreclosure. (Let's not forget that there is always a level of risk in any investment, many people like to blame someone else when an investment goes bad but somewhere down the road, one of the assumptions in the financial model failed, and when that happens, it usually does not turn out well).
Therefore, the stated desire of Mr. Curlander, to open the club, etc. is a positive sign. Whether it turns out positive or not depends on the revenue model he designs and the number of golfers he attracts to the club.
On the other hand, the news could have been a lot worse, a rancher could have won the foreclosure bid and 500 head of cattle could be roaming the fairways come summer.