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Country Club Woes

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April 29, 2003

Albany - It will take $3,000,000 to save a popular Albany country club from foreclosure. The Doublegate Country Club is now asking its members to keep the club running. The Doublegate Country Club needs 100 people to invest $30,000 each to keep the Club under current ownership.

If Bank of America forecloses on their note, the Club will be up for grabs. 50 people have already committed to investing $30,000, but 50 more investors are needed. These investors will then become stock holders in the Club.

Bank of America is waving the interest if the Club can pay its debt by May 15th - the foreclosure date. A majority of the Club's approximately 700 members must still approve the reorganization plan. The Doublegate Country Club is valued at $4,7000,000. Money problems started after major renovation left the Club in debt.

Posted at 4:15PM by kathryn.murchison@walb.com