Stanford stake in Tennessee course to sell for $3 million

The half-interest in a Tennessee golf club owned by disgraced financier Allen Stanford is expected to be sold back to the family that owns the other 50 percent stake in the facility.

 

A court-appointed receiver that is handling disposition of the assets of Stanford, accused of defrauding investors of more than $7 billion, recently recommended accepting the $3 million offer for one-half interest in Spring Creek Ranch Golf Club from the David Meyer family. The family had sold the stake in the Collierville property to Stanford in 2005 for $6.5 million.

 

The receiver estimated that the club would run a $1.4 million operating deficit in 2009 and beyond.

 

According to court documents, Stanford had spent more than $30 million on improvements at the club since 2005 as part of an apparent effort to attract a PGA Tour event hosted by Stanford to the property.

 

The Jack Nicklaus-designed course opened in 1998.