Lender forecloses on Legends Group courses

Larry Young, founder of Myrtle Beach-based Legends Group, is losing the three courses at Legends Golf Resort in Myrtle Beach and the Heritage Club on Pawleys Island, S.C. to a foreclosure on the properties by lender G.E. Capital Corp.
Young’s Legends Group management company will also lose its lease on Oyster Bay Links in Sunset Beach, N.C. following another foreclosure sale by G.E. Capital of Legends’ lease at Oyster Bay, scheduled for June 25.
Century Golf Partners has been hired by G.E. Capital to operate the four South Carolina properties, pending a foreclosure sale of the properties at a later date.
According to court documents filed in the case, G.E. Capital is owed more than $51 million by Legends Group.
Young developed the three Legends Golf Resort courses and Heritage Club between 1986 and 1992. He later repurchased them in 2001 from Golf Trust of America, which he helped to organize. Rounds at the courses reportedly have dropped by approximately 25 percent this year.
Young plans to continue operating Legends Group as a third party course management firm. The group also managed TPC of Myrtle Beach, which is co-owned by Young’s son Danny, for the past three years.     

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