Bonita Bay Group’s golf course problems

The Bonita Bay Group delivered terms that may be required in order for the golf members to own their golf clubs before they are turned over to Key Bank, which the Bonita Bay Group currently owes over $100 million. Mediterra and Shadow Wood have received buy-out terms which would include a flat price for the club, assume all of the developers liabilities, and pay deposits owed to resigning members. Mediterra in total would cost over $20 million to buy out because over 60 members have resigned and still have not received their $185,000 deposits back. The Bonita Bay group has collected deposits from over 8,000 members throughout their seven clubs valued at over $225 million. They are claiming that the decrease of golfers, and people eating at the country clubs in addition to the economy is the reason why they can no longer afford to keep most of their courses.