News & Announcements
Fairvue Club files for Chapter 11
High end Gallain development facing foreclosure
Author: J.R. Lind
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12/2/2009
Nashville Post
Publication Article »
One of Middle Tennessee's largest luxury home developments filed for bankruptcy Monday.
Gallatin's Fairvue Club Properties filed for Chapter 11 protection, six weeks after the club announced it was reducing services to its members in a cost-savings plan.
The development, which was to be a combination of country club and high-end subdivision on Old Hickory Lake, shut down one of its two golf courses in October and reduced dinner seatings at its clubhouse to Wednesdays, Fridays and Saturdays.
Club employees were called to meet with club General Manager David Beard Tuesday morning and a letter will be sent to club members later this week. The club was facing foreclosure Dec. 18.
The bankruptcy filing lists between 200 and 999 creditors, assets between $10 million and $50 million and debts in the same range.
Fairvue Club Properties LLC is subsidiary of TLP Devco, whose sole owner is Leon Moore, chairman and CEO of the former lodging development and franchising company ShoLodge.