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Golf column: Deer Track North Course owners still planning redevelopment

The former Deer Track North Course was pulled out of a foreclosure sale last week, and one of its co-owners said he expects to retain ownership of the property and still intends to develop it.

The National Bank of South Carolina has a mortgage lien against the course’s owners of nearly $2.93 million stemming from a $2.6 million loan in 2006. The course was on the list of foreclosed properties to be auctioned on Nov. 7, but the bank pulled it from the sale.

“We’re negotiating with the bank on the note,” said co-owner McCray Smith. “The foreclosure was what the bank had to do and we’re doing what we have to do.

“… Like I’ve said before, we’re going to develop that property.”

The bank’s attorney in the case, Tara Nauful of Haynsworth Sinkler Boyd P.A., could not be reached.

The course was originally scheduled to be auctioned off on July 5 after the bank foreclosed on Smith and co-owner Jerry Pettus.

The sale was canceled after the owners filed for Chapter 11 bankruptcy protection for the course in late June, but the case was dismissed on Aug. 19 and officially closed on Oct. 24, reinstituting the foreclosure.

United States Bankruptcy Judge George R. Hodges dismissed the Chapter 11 bankruptcy case, granting a motion by Synovus Banks – The National Bank of South Carolina is a division of Synovus – seeking dismissal.

The case was filed in the Western District of North Carolina after Deertrack Investors LLC – the entity that owns the course – merged with Woodend LLC, another of Smith and Pettus’ companies that owns property in North Carolina. The bankruptcy was filed under Woodend.

Hodges ruled the continuance of the Chapter 11 case would be “objectively futile,” and he found the filing to be in “bad faith.”

In his decision, Hodges wrote: “Deertrack has no current business operations, other than the pursuit of litigation. Deertrack has no revenues, no employees, no going concern to preserve.

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