For months, questions have lingered on what’s going to happen with Plantation Palms Golf Club, the 156-acre property that closed in May.
But Thursday, at least one of those major questions were answered when the golf course went on the market … as a short sale.
Dennis Realty has listed the “legendary golf course” for $1.2 million, down from the $2.2 million MJS Golf Club LLC paid for the property in 2011. The listing described it as an “incredible deal for this level of golf course,” which was designed by David Harman in 2000.
The price includes an 11,000-square-foot clubhouse, described as “both elegant in decor and efficient in design.”
Short sales are typically property transactions mortgage companies allow to save on the cost of foreclosure. They typically sell for far less than regularly priced properties, and depending on the mortgage company’s policies, the difference between the price sold and what’s still owed could still be left to the original owner.
The mortgager in this case was Native American Bank of Denver, which funded the $2.2 million purchase with Mitch Osceola, Jayson Ray and Steve McDonald.
Since the club closed in May, surrounding residents have complained about the lack of upkeep on the course, including more recently overgrown grass and decaying equipment. Pasco County code enforcement recently cited the property for its grass, giving the course two weeks to get it mowed.
Native American Bank has not filed foreclosure paperwork with the court system, but could still opt to do that even as it continues looking for potential short sale buyers.
A couple residents told The Laker/Lutz News two weeks ago that rumors have circulated that at least two groups — including one led by a resident — have tried to make offers on the golf course, but have not received a response from the bank. None of those rumors could be verified, and Joel Smith, a senior vice president and chief credit officer for the financial institution, did not return a call seeking comment.
Plantation Palms is located off Collier Parkway, north of State Road 54.
