GLASGOW — The Glasgow Golf and Country Club Inc. is now a bank-owned property.
A deed in lieu of foreclosure was filed in the Barren County Clerk's Office between the country club and South Central Bank Inc.
It said the transfer of the property to the bank was in “consideration of the full satisfaction of indebtedness due and owing by grantors to grantee on two separate promissory notes secured by real estate mortgages on the property.”
The indebtedness to the bank as of October totaled to $2,036,399.75 for one promissory note and $134,553.68 for the other promissory note.
South Central Bank Inc. filed a complaint for foreclosure against the country club on Nov. 30, as well as against the state division of unemployment insurance.
According to documents on file in the Barren County Circuit Clerk's office, that action was dismissed with prejudice on Dec. 18. Being dismissed with prejudice means the bank cannot bring the case up again.
When the Glasgow Daily Times contacted officials with South Central Bank Inc., a press release from the bank was emailed to the Daily Times by Christopher L. Whitfield, vice president and general counsel for the bank.
The press release stated that on Dec. 17, the country club executed a deed-in-lieu of foreclosure to the bank.
“Doug Williams has been hired by the new owner to continue maintaining the grounds and amenities. Until further notice is given, while the former club property is marketed for sale, the golf course, clubhouse, tennis courts, all other amenities and the grounds in general are closed,” the press release said.
Patrick Gaunce, a member of the club, knew that the bank had foreclosed on the property and talked about things he thought that may have led to its demise.
One of which was the lack of interest in golf. Another one was the rejection of the Barren County High School golf teams to use the golf course.
“For whatever reason through the years they have rejected the Barren County golf teams,” he said, adding that was something he couldn't understand the country club doing.
The construction of a large clubhouse a few years back may have also contributed to the financial problems the country club was experiencing.
“The problem was they built that big building and we're not New York City. We're Glasgow, Ky. All the people that was on the board who voted on that are now no longer members unless they just got in recently,” Gaunce said.
He believes it is important for a community to have a country club.
Gaunce serves on the Glasgow City Council, as well as the Barren County Economic Authority's board of directors, and said he knows company officials looking to locate manufacturing facilities in communities typically ask if there is a country club because they have an interest in playing golf.
“Not to have that or a swimming pool or tennis courts, I think, is just really a travesty to our community,” he said.
Gaunce was aware that there was a group of individuals interested in buying the country club at one time.
“I was shocked they (the board) didn't work more with them,” he said.
Gaunce said he would be interested in buying the property for “the right price.”
“I would have to put a group together. I haven't seen a contract or anything, but would I be? Yes, in the right group and the right price,” he said.
Gaunce continued that he understands the amenities at the country club, such as the swimming pool, need some repair work.
If he did buy it, he said it would only be for the “betterment of our community and not for a profit or loss.”
Should an opportunity present itself for him to buy the country club and he made money from the purchase, Gaunce said he would use the profit to benefit underprivileged children and teach more children the game of golf or tennis.
“I wouldn't look at it as a business venture, but I would look at it from a standpoint of helping the community. And then if I got my money back, like some businesses we do, we would just turn our money back to underprivileged kids,” he said.
Gaunce said he hopes someone will buy the country club and open it for use by all children.
“Not just by race, creed or school. It should be opened to all people,” he said.
According to the deed, one parcel of land that makes up the country club property is bound by land owned by Triple G Development LLC.
According to an online business filing with the Kentucky Secretary of State, Triple G Development LLC is a company whose current officers are Larry D. Glass, Larry T. Glass, Orlando Bravo and Tommy Gumm.
The Daily Times contacted Larry D. Glass, a business developer, and asked if he would be interested in buying the property. Glass is also a member of the bank's board of directors, and said legally he could not acknowledge that one way or the other.
“What I can tell you, as of today, I have no interest in buying it,” he said.
Another parcel of land that is bound by the country club is owned by Farmers Investment Company Inc. According to the Kentucky Secretary of State online business filings, Ruthie O. Bale is listed as president of the company. Bale is also chairman of the board of directors for South Central Bancshares of Kentucky Inc. and of South Central Bank Inc., which is the current owner of the country club.