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The Club Built for Bulldawgs Sold for 16 Cents on the Dollar

If you have a mailbox in Georgia, attended UGA or have driven the most popular route to Athens from Atlanta in the last few years, you're likely aware of The Georgia Club. The master-planned golf community just down the road from Athens was developed back in the good old days of real estate and marketed toward retirees and golf lifestyle enthusiasts with a liberal dose of Georgia Bulldog flavor. You can guess what happened next, or rather, didn't happen starting in 2008 (construction stopped). Anglo Irish Bank ended up with the note on the whole kit and caboodle and last week a consortium led by Los Angeles distressed asset consumer Alvarez & Marsal Capital Real Estate and the Angelo Gordon private equity folks bought the golf club and all remaining land and lots for a reported $10 million, some $55 million less than the original developers had in the ground. Even at that price, we wish them well.

· Georgia Club golf course and lots sell for $10 million [AJC]
· The Georgia Club [official site]