Doonbeg GC turned over to receivers

To absolutely nobody’s surprise, the financially challenged Doonbeg Golf Club has been turned over to receivers.

The club, which features a Greg Norman-designed golf course, is often said to be among the top golf destinations in Ireland, but it also hasn’t had a profitable year of operation since it opened in the early 2000s. Through 2011, it had lost more than $70 million.

Doonbeg’s financial performance helped to strain relations between the principals of Kiawah Partners, Charles “Buddy” Darby and Leonard Long, who last year sold the club and other golf holdings to South Street Partners, a North Carolina-based investment firm. South Street never once expressed a desire to hang onto Doonbeg.

The receivers have said that they’ve already received several offers for the property, the majority of them from foreign prospects.

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