IBJNews

Greenwood golf course reorganizing under bankruptcy

Back to TopCommentsE-mailPrintBookmark and Share

The first golf course designed by legendary course architect Pete Dye is reorganizing under the protection of bankruptcy and is likely to emerge under new ownership.

Dye’s Walk Country Club on South State Road 135 in Greenwood filed Chapter 11 on June 7, listing debt of $4.6 million and assets of $2.2 million.

George Cannon, a local veteran course manager who is leading a group to purchase Dye’s Walk, said the course is a victim of the economy. Current owner Brian Benham purchased the private club in 2007, right before the recession hit.

“The timing was atrocious,” Cannon said. “He tried really, really hard and put a lot of money into it.”

The largest debtor is Indiana Bank & Trust in Indianapolis, which is owed $2.5 million. Benham also owes $135,700 in federal taxes and $27,259 in property taxes, in addition to $31,470 in employee wages that weren’t paid in May, according to the bankruptcy filing.

Despite its recent financial hardships, the course has quite a storied history. It opened in 1960 with nine holes and was the first course designed by world-renowned golf architect Dye, a native Hoosier.

Dye followed up in 1962 with his first 18-hole course, Maple Creek Country Club, on East 21st Street in Indianapolis.

Originally known as the Eldorado, the Greenwood course added another nine holes in the early 1970s and was renamed Royal Oak. In honor of Dye, Benham changed the name to Dye’s Walk Country Club in 2007.

It has 259 members who pay monthly dues ranging from $60 to $275, according to court documents.

The goal of the reorganization and potential sale is to keep the club operating, Benham’s lawyer, Jeffrey Hester, said in a filing.

“There is no intent to liquidate or to stop operations—rather the opposite is true—the debtor wants total uninterrupted country club operations from now through a potential time of sale,” he wrote.

The course had $1.3 million in revenue last year, according to the bankruptcy filing.

Several courses in Indiana have either closed or changed ownership or management in recent years. Most recent, the city of Indianapolis in March named a new manager of Eagle Creek Golf Club after terminating its contract with the former operator who defaulted on a $3.5 million loan balance.



 

ADVERTISEMENT

  • Golf in JoCo
    Frankly I prefer golfing at Orchard than here.
  • Needs Upgrade
    I'm suprised this "club" has lasted this long. I would pay much higher dues for a quality club with more than a golf course and dated facilities. Its a shame with all the high income families in WRT we can't come up with a better country club.
  • New Nine
    I always enjoyed the new nine more than the original nine.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

ADVERTISEMENT