Tiger Woods' golf course gets mired in financial crisis
Tiger Woods is facing a looming bankruptcy of his first U.S-based golf course, situated in Cliffs at High Carolina, development near Asheville, N.C.
This golf course was planned in 2007 and was in the news for being the first US golf course owned by the former world number one.
However, things appear to be in a mess and are not going according to the expectations due to a host of issues.
The development work on the course was halted after a case was filed against the Cliffs Club & Hospitality Group Inc. last month.
The 36-year-old American star shared the news on Twitter with sorrow and stated that the reason behind the problem is economic crisis.
Recently, the Cliffs’s empire, which comprises of 20,000 acres of North and South Carolina, is facing economic troubles due to the hosing and financial market crashes.
It was 2007 when the housing sales were at an all-time high, but the market crashed after mid of the 2011 fiscal year.
Another reason for such a demoralising step is Cliffs Club's heavy liabilities that have reached the highest figure of $500 million.
The action was taken against Cliffs Club's owners and company and the place owned by Tiger.
Most of the land owners, including Steve and Penny Carlile, were angry and knocked the door of the court, to have the unwanted situation fixed, as they said the mess was created by Cliffs Club creditors.
The affectees have already spent millions of dollars in the past to improve the situation. However, their efforts proved useless and the region faced the worst economic crisis.
Now Steve and Carlile asked the court to separate the golf course from the company to protect the sporting culture in the region and find new buyers for the land.
About three years ago, Woods had planned that 2012 would be the opening year for his first United States-based course.
However, now the future seems to be bleak and the court will come up with a viable solution. It may be in favour of Woods or against him.
The attempts to have a land in such a difficult region are causing troubles for Tiger. The land associated with the golf club and purchased by Tiger Woods, remains an unresolved mystery.
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