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Golf Course Receivership


Receivership is a court action that places property under the control of a receiver during litigation in an effort to stabilize operations, resolve and settle creditor issues, and most importantly identify any and all matters which may be prohibitive to foreclosure. During a Receivership Christovich and Associates implements the following:

  • Immediately identify and address all guest service, management and operational deficiencies, emergency repairs, safety and environmental issues, creditor complaints, and code violations.
  • Prepare an operating budget, cash funding projection and business plan to determine the level of operating capital required to put the asset in marketable condition.
  • Implement a thorough and extensive marketing plan including website development, advertising, and community relations to revive top-line revenues.
  • Conduct a thorough due-diligence process to identify and all title and other deficiencies tied to the property, including water and regulatory licenses and permits, HOA agreements, leases and contracts, environmental concerns, and other matters which may impede the sale of the asset if not properly structured and/or corrected.
  • Conduct an assessment of any potential for redevelopment that may add real or intrinsic value to the asset to expedite a sale.
  • Determine any significant impediments that may indicate the need for the lender to cease foreclosure proceedings (see the Ed Oliver case study).
  • Begin the process of identifying ideal prospective buyers, including local golf course owners, other golf buyers, developers, and local municipalities, among others.

Christovich and Associates has an extensive background in Receivership proceedings and currently is a court-appointed receiver on a golf asset in Lake County Florida.