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Golf Kentucky Links • View topic - Andover CC

Andover CC

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Andover CC

Postby Docugs » Mon Feb 06, 2017 12:43 am

Andover has been closed, the bank hopes to have somebody buy the course soon. There is a story in the Lexington paper, and it said the club owed 3.9 with 1.6 in assets. Those were 2008 numbers, I don't know what the current financials look like.
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Re: Andover CC

Postby smashdn » Tue Feb 07, 2017 5:35 pm

Bout all I can add is I have a pullover from there.
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Re: Andover CC

Postby stammalammy » Fri Feb 10, 2017 4:21 pm

Wonder what the asking price and such is? People that live there have to be fairly pissed although I doubt it will take long for someone to get it going again.
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Re: Andover CC

Postby Docugs » Sat Feb 11, 2017 2:22 am

I'm sure they still owe close to 4 million. supposedly there were around 6 calls asking about it when the bank shut it down. As far as the membership goes, they really didn't learn anything from the first time they went bust. They always thought they were a better club than they actually were.
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Re: Andover CC

Postby stammalammy » Thu Feb 16, 2017 12:14 pm

Can we expect another McQueen owned course?
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Re: Andover CC

Postby ukpikedave » Fri Mar 31, 2017 3:50 pm

Their website is finally down. Someone (I forget who...maybe NewWildcatOrder) mentioned to me that there was some talk of it re-opening as a semi-private (a la U Club and Widows Watch), though I've not seen that fleshed out as of yet.
It only took 17 years to get invited to play Idle Hour CC, so we're moving up in the world.

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Re: Andover CC

Postby Docugs » Fri Mar 31, 2017 9:19 pm

There was some talk about some fitness club taking it over and running some sort of fitness resort thing with the golf course as part of the package.

The members of that club, can't be trusted to run the club on their own again. I found out, that they had a clean slate with the banks at the beginning of last year when Man-o-war was brought in to run it. In less than a full year, they managed to run up more than 400 thousand, and supposedly man-o-war wasn't paying any of the bills. This person told me that he would never let man-o-war run anything.
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Re: Andover CC

Postby ukpikedave » Fri Mar 31, 2017 9:26 pm

What a mess. Very curious what their membership numbers were like under this version of Andover CC and who had control of their maintenance and merchandise budgets (Man O' War, the Club, the Bank).

Also, it stands to reason that if the place was operating at a loss, that the management company (be it Man O' War or anyone else) wouldn't go into their own pocket to pay the club's bills. I didn't hear much of any grumbling from my friends at Champions Trace when M.O.W. was running it for Central Bank.
It only took 17 years to get invited to play Idle Hour CC, so we're moving up in the world.

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Re: Andover CC

Postby Docugs » Mon Apr 24, 2017 10:50 am

Looks like they go to Auction today. There are concerns that the buyer will possibly develop the property. If that happens, I can't wait for all the law suits that will be filed. Supposedly many of the homeowners have it written into their deeds that says the course will stay a golf course and can't be redeveloped.
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Re: Andover CC

Postby A-Dub » Tue Apr 25, 2017 8:54 am

Saw a tweet that it went to Whitaker Bank for 2.95 mil. Wonder what the plans are?
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Re: Andover CC

Postby Docugs » Tue Apr 25, 2017 10:23 pm

I heard no bids, actually one for 1 dollar. If you read the story in the Lexington paper, there are at least 3 lawsuits. I think it's going to be run as a golf course, what form, who knows. maybe public. They need the money.
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Re: Andover CC

Postby ukpikedave » Tue Apr 25, 2017 10:30 pm

Yeah, I'd think they'd have to at least look at some form of public play going forward. Those maintenance and chemical budgets start looking bad on a bank's balance sheet after about 6 months on a static or declining membership revenue stream.
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