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Country Club of the South headed for foreclosure
JOHNS CREEK - If any further examples were necessary that the recession has been hard, take note: the Jack Nicklaus-designed Country Club of the South golf course is in foreclosure with its sale scheduled on the Fulton County Courthouse steps Jan. 5.
Yes, that citadel of music idols, sports stars and other such upwardly mobile folks for the last 25 years is facing the sale of its golf course, immense clubhouse and other club-related facilities under the sheriff’s hammer. The Bank of North Georgia is calling in its outstanding debt. Last February the bank issued $9.5 million in bonds.
Bank officials had no comment, but BNG is foreclosing on Country Club of the South Inc., which operates the golf club. The 730-plus homes in the 900-acre gated community are unaffected by the action.
Resident memberships range from $13,500 to $25,000 initiation fees with monthly fees to follow. Golf dues can be as high as $570 a month depending on the range of amenities included.
Other area golf courses have fallen on hard times, with some applying for rezoning for residential construction. However, there is no indication of that happening at CCOS, and it would require rezoning by the Johns Creek City Council if such application were made.
Stephanie Moody, chairwoman of the CCOS Homeowners Association, said it is her understanding that the golf course will remain private.
“It will just be run by someone else,” Moody said. “The homeowner association is an entirely different organization, and it is financially quite sound. It’s not good news for the neighborhood, there’s no doubt about it. But it is understandable in today’s market.”
Charles “Chuck” Hyslop, resident and president of the CCOS Golf Club, said the club is not releasing any statement on the matter.
“I can only say this will just be a blip on the horizon, and the course will stay open,” Hyslop said.
For more local news for the North Atlanta area, visit www.northfulton.com, www.gwinnettherald.com and www.northsidewoman.com.
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