Tiger Woods looks to be on the right track with his golf game, winning the Chevron World Challenge in December and playing well in Abu Dhabi and for the first three rounds at Pebble Beach, but his golf-course design business hasn't been so lucky.
The Cliffs real estate development in North Carolina and South Carolina, which was to be the site of Woods's first U.S. golf course, filed for bankruptcy on Tuesday, according to The Wall Street Journal [subscription required].
The golf course and housing empire developed by Jim Anthony in the Carolinas is unraveling.According to The Asheville (N.C.) Citizen-Times
On Tuesday, Mr. Anthony's company filed for U.S. bankruptcy court protection in South Carolina. The Chapter 11 petition said that Cliffs Club & Hospitality Group Inc. had estimated liabilities between $100 million and $500 million.
A former telephone-line repairman, Mr. Anthony made it big by developing high-end communities around golf courses. His crowning achievement was the Cliffs communities—eight residential developments on 20,000 acres in the Carolinas attached to golf courses designed by pros like Tom Fazio and Jack Nicklaus.
But sales of the land to home builders and individual buyers were slowed by the economic downturn. Prices fell, and two of the golf courses still haven't been completed, including one designed by Tiger Woods.
Its Tiger Woods-designed golf course is unfinished. Only two homes have been built. Fewer than 50 of a planned 1,100 lots have been sold.