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Doonbeg Golf Club Placed in Receivership
Doonbeg Golf Club and the adjoining Lodge at Doonbeg in Ireland have been placed in receivership, the Irish equivalent of bankruptcy protection in the U.S. The move was reported by various news sources in Ireland.
There will be no changes in the operations of the facility, which will continue to remain open during the legal process.
The receivers, Luke Charleton and David Hughes of EY, said they have received buyers interested in acquiring the property, and are hopeful a sale can be consummated within a short period of time.
"The Lodge and its facilities are recognized as one of the premier golf and leisure destinations in Ireland and Europe," according to Charleton. "The Lodge at Doonbeg and Doonbeg Golf Club will continue to trade as normal with all employment being maintained and suppliers being retained. Additionally, there will be no change in the status of members of Doonbeg Golf Club.
"There will be no disruption to services as a result of the appointment, events booked will go ahead as scheduled, and all deposits and gift vouchers will be honored."
The County Clare golf resort was sold to an American property investment firm, South Street Partners, for €70m last June.
The Greg Norman-designed course at Doonbeg opened in 2002. In 2006, a large clubhouse with overnight accommodations and other guest amenities - called the Lodge at Doonbeg - was unveiled.
The project was developed by the former owners of Kiawah Island in South Carolina, site of the 1991 Ryder Cup.
Problems arose between the original owners, Kiawah Partners - cousins Charles "Buddy" Darby and Leonard Long, resulting in the sale of Doonbeg and the company's entire portfolio, which includes Kiawah Island, to South Street Partners. The original developers invested more than €67m in the project.
When South Street Partners acquired the property, the company announced it would be "evaluating" their overseas holdings. In its 11 years of operation, Doonbeg Golf Club never recorded a profit. During its high season the resort has a staff of 245 workers. The site has permits for an additional 61 holiday properties, according to reports.