Bank takes golf course

By Steve Best Mon 6th February News
Date of Show: 
Mon 6th February

The Eagle Point Golf Course has become the property of PremierWest Bank after failing to make good on its credit. Steve Best has details.. 

The bank took possession in lieu of foreclosure after the course developer, Cris Galpin defaulted on a $4.6 million line of credit.

PremierWest says ithis is the first time it has taken possession of a golf course, but no operational changes are planned.

The 7,000-yard championship course will be put on the market as soon as possible. Although the value has not been disclosed, the cost of building the complex in 1996 was $8 million.

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