Today In Bad Golf Course Business News...

J. Scott Trubey and Bill Torpy do a full autopsy on the Reynold's Plantation situation and its uncertain future.

“They were the Cadillac of development; they under-promised and over-delivered,” said state Rep. Mickey Channell, R-Greensboro, a 25-year Reynolds Plantation homeowner. “Based on their history, it was assumed they’d get through this.”

But the 3,600 Reynolds property owners soundly rejected Reynolds’ plan. After the vote, his business was placed into receivership, a move short of foreclosure. Now, a guardian is managing the Plantation and three other communities owned by Reynolds while the banks try to find a buyer or work out another deal with him. In all, 9,000 acres of his corporations’ property, about half its holdings, is held as collateral, is at stake.

And thanks to reader Del for Toby Tobin's analysis of Palm Coast golf courses dropping 71% in assessed value since 2008.