Last-minute $1.3 million bid secures Michigan course

A company formed on the same day as the April 16 sheriff’s sale date has purchased the Thoroughbred Golf Course in Rothbury, Mich., for $1.3 million.
The golf course was previously owned by Double JJ Resort, but the golf course was not part of an earlier foreclosure by other banks that led to a July 2008 bankruptcy by Double JJ Resort.
A corporation called Vermantha Real Estate LLC lodged the $1.3 bid and bought the Thoroughbred course on April 16. Court documents indicate that Vermantha was formed in Delaware, listing its address as the same for Pentwater Capital Management LP, which was formed by Matthew Halbower in 2007.
Halbower, however, refused to acknowledge any relationship with Vermantha when questioned by the Oceana Herald-Journal newspaper.
There was no indication regarding Vermantha’s plans for the Thoroughbred course, a daily fee facility designed by Arthur Hills and opened in 1993.      

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