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Palm Springs Country Club (Palm Springs, California)

USA / California / Cathedral City / Palm Springs, California / North Whitewater Club Drive, 2500
 golf course, condominiums
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The 18-hole course featured 6,396 yards of golf from the longest tees for a par of 72. The course rating was 68.9 and it had a slope rating of 115. Designed by Joe Kirkwood, the Palm Springs golf course opened in 1954.

The now-closed country club has fallen into such disrepair that the city of Palm Springs filed a lawsuit last year, naming individual Point Center investors as defendants, seeking immediate repairs to a property filled with weeds, polluted ponds and graffiti.
The suit cites a $19.3-million loan in 2006 to Burnett Development Corp., which planned to build 451 homes surrounding the golf course at the Palm Springs Country Club.
The loan was made near the peak of the real estate boom, but conditions soon changed. Burnett Development defaulted on the loan in 2007 and Point Center foreclosed, according to court records.
Point Center funded the original $3.9-million loan in 2005 and then allowed the developer to renew the loan in 2007 for $6.8 million without improving the property, using new investors' money to repay investors who chose not to renew, the lawsuit alleges.
Allegations center on a little-known and lightly regulated segment of the real estate industry known as "hard-money" lenders. These lenders often provide financing for high-risk projects that banks won't touch, such as speculative housing developments.
Nearby cities:
Coordinates:   33°51'28"N   116°31'6"W

Comments

  • Alex Dethier
    Palm Springs Country Club has many condos available: http://www.pscondos.com/complex/palm-springs-country-club/
  • TR (guest)
    Thanks Alex.
This article was last modified 11 years ago