Palm Springs Country Club, CLOSED 2007

Detailed description of Palm Springs Country Club, CLOSED 2007

Palm Springs Country Club is a Public, 18 hole golf course located in Palm Springs, California.

Palm Springs Country Club first opened for play in 1960. The course was designed by Joe Kirkwood.

Palm Springs Country Club plays to a maximum distance of 6,396 yards and a par-72.

Palm Springs Country Club closed in 2007.

The abandoned course is overgrown, filled with weeds, polluted ponds, and graffiti. The city of Palm Springs filed a lawsuit, naming individual Point Center investors as defendants, seeking immediate repairs to the property.

The suit cites a 2006 loan of  $19.3-million by Point Center investors to Burnett Development Corp., to build 451 homes surrounding the golf course at the Palm Springs Country Club.

The loan, made near the peak of the real estate boom, was real, the development was not. According to court records, Burnett Development defaulted on the loan in 2007 and Point Center foreclosed.

Point Center funded the original $3.9-million loan in 2005 and then allowed the developer to renew the loan in 2007 for $6.8 million without improving the property, using new investors' money to repay investors who chose not to renew, the lawsuit alleges.

Allegations center on a little-known and lightly-regulated segment of the real estate industry known as "hard-money" lenders. These lenders often provide financing for high-risk projects that banks won't touch, such as speculative housing developments.