The 14 properties account for about 37% or $19 million of the total Golf Trust annual revenue.
Shareholders in the Charleston, SC-based real estate investment trust will meet in May to vote whether to approve the divestiture of its holdings in 44 golf courses.
The liquidation plan would affect the Green Monster and the Resort Course at Bonaventure Country Club in Fort Lauderdale, where a pending sale collapsed earlier this month.
Legends Golf Holding notified Golf Trust March 6 it intended to terminate a proposal to acquire the country club and the golf courses because of alleged environmental and title problems. Although acknowledging past problems at the site, Golf Trust officials argue they remediated what they describe as low-level soil contamination.
"We have disputed Legends' ability to terminate its obligations to purchase that golf course," according to a shareholder's report the trust filed with the Securities and Exchange Commission.
Besides the Bonaventure, the company owns these 18-hole courses in South Florida: Emerald Dunes, West Palm Beach; Cypress Creek, Boynton Beach; and Links at Polo Trace, Delray Beach.
The trust also owns the following properties elsewhere in Florida: Silverthorn Country Club, Brooksville; Black Bear and Wekiva golf clubs and Sweetwater Country Club, all in Central Florida; and the Westin Innisbrook Resort in Palm Harbor, FL which includes the 18-hole golf courses Copperhead, Island, Eagle's Watch, Hawk's Run and the nearby Lost Oaks of Innisbrook.
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