Thoroughbred course in Michigan purchased in bankruptcy sale

The Thoroughbred Golf Course and the surrounding Double JJ Resort in Rothbury, Mich., recently were sold to Progressive Resorts LLC.
 
The resort, which had been in Chapter 11 bankruptcy proceedings since July 2008, was sold to Progressive for $9.75 million. The Thoroughbred Golf Course, which had been acquired separately in late April by Vermantha LLC for $1.3 million, was purchased by Progressive along with the resort for an undisclosed amount.
 
The resort includes restaurants, a water park, lodging and horseback riding at the ranch, as well as the golf course. American Resort Management LLC of Erie, Pa., and Heritage Hospitality, LLC of York, Pa., will operate the ranch.
 
The resort had been in bankruptcy due to foreclosures on a note of $18.7 million by BankFirst and a $2.1 million loan by SSB Mortgage. 

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