The Jack Nicklaus-designed Bull at Pinehurst Farms golf course in Sheboygan Falls remains open despite mounting financial troubles that include more than $500,000 in unpaid property taxes and a bank foreclosure on the property this month.
The course, located at the intersection of State Highways 28 and 32, has received numerous accolades from the golf industry since opening in 2003, but has since fallen on hard times.
According to court records filed this month, the owners are in default on a $6 million dollar consolidated loan issued in September from Community Bank and Trust.
The loan, which is due in September 2013, now totals $6,052,871, including interest, late charges and other fees.
The loan, which is due in September 2013, now totals $6,052,871, including interest, late charges and other fees.
The bank filed a foreclosure notice in Sheboygan County District Court on Feb. 3.
The owners have until next week to respond.
The owners have until next week to respond.
Meanwhile, the owners have also fallen behind on their property taxes and now owe $277,774 on their 2009 tax bill, including interest and penalties. Combined with their 2010 bill, the golf course owes $507,588 in property taxes.
The property was assessed at $8 million in 2010 and has an estimated fair market value of $7.9 million, according to Sheboygan County property records.
Co-owner David Bachmann Jr., who built the course on a 418-acre swath of land where his family once raised Holstein cattle, declined to comment.
Sheboygan Falls Mayor Randy Meyer said the golf course remains a vital part of the local economy and expressed hope that the owners can get their finances straightened out.
“The Bull is an important part of the city, and we hope their fortunes turn around,” Meyer said.
The Bull remains the only golf course in Wisconsin designed by Nicklaus and was recently ranked by Golf Digest as the third best golf course in the state. It’s hosted a U.S. Open qualifier, the Wisconsin State Golf Association senior match play championship and a number of other WSGA events.
But it’s also situated in the middle of a hyper-competitive golf market, as it competes directly with the Kohler Co.’s renowned golf properties, including the nearby Blackwolf Run golf complex and Whistling Straits, site of the 2004 and 2010 PGA Championships.
Meyer said he hopes to see another investor come along to help get the golf course back on its feet.
“You never know,” he said. “Sometimes it looks like doom is on the doorstep and then something comes along to fix the situation.”
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