March 11--Malibu Associates, owner of the Malibu Golf Club, has filed for Chapter 11 bankruptcy court protection.
The club has a restaurant and clubhouse, in addition to an 18-hole golf course, on its 650-acre property in the Santa Monica Mountains.
In its filing in the U.S. Bankruptcy Court in the central district of California, Malibu Associates said it had about $76 million in assets and about $47 million in liabilities. The club, which the company acquired in 2006, was valued at $75.9 million, according to the filing.
An attorney for Malibu Associates said the company closed the golf club after defaulting on a $47-million loan from U.S. Bank, which has begun foreclosure proceedings.
Envicom Corp., an environmental, biological and land planning firm in Westlake Village, and law firm Ballard Rosenberg Golper Savitt were among the company's largest unsecured creditors, according to the filing.
On its website, the company said it planned to expand current offerings at the club by adding educational facilities and bungalow retreats. Club facilities, including the golf course, were also set for renovations.
Malibu Associates filed for Chapter 11 bankruptcy once before in November 2009. The case was dismissed, according to the filing.
The club drew the ire of nearby residents and environmentalists when it was initially proposed in 1989.
Opponents argued that the development would increase traffic congestion along Pacific Coast Highway and endanger sensitive watersheds. They had wanted the land, which was once owned by comedian Bob Hope, preserved as an open recreational space.
