Real Estate | Question Authority

By: James A. Frank

The recession may be over, but among its legacies is the need to ask new questions when considering buying a golf home

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Apr 24, 2015
Crosby Woes

(RANCHO SANTA FE, CA) How could you go wrong with a picturesque Freddy Couples layout in Southern California? The Crosby at Rancho Santa Fe seemed to have it all: great location, highly sought after club, and a marquee golf architect (Couples in collaboration with Brian Curley). Opened in 2001, The Crosby was acquired by Escalante Golf, a boutique owner and operator of luxury golf properties across the country, in 2009. We listed the property, which includes residential homes and villas, as one of our “Best of the Best” Premier Properties that same year. But last week, the Crosby filed for Chapter 11 bankruptcy protection, owing hundreds of creditors between $10 million to $50 million, according to the San Diego Union-Tribune. The paper also reports “the club says it has up to $50 million in assets.” What’s next? Hard to tell as lawyers and PR folk aren’t talking yet.

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