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.  

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