Bill Walters ugly exit from Stallion Mountain Country Club in Las Vegas, got a little uglier last week when a court ordered the Las Vegas golf course developer and owner to pay $3.26 million in back rent, and then set a trial date for December to determine if there were additional damages.
text-autospace:none”>The civil lawsuit by 26 limited liability companies is against Walters, Walter Luce, manager of Walters Golf, and Joe Munsch, president of Eagle Golf Management, which managed the course after the sale. It alleges that Walters defrauded investors in the sale of Stallion Mountain Country Club in 2006. Trending
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Former investors of Stallion Mountain win judgement against Walters
text-autospace:none”>Walters sold the course to a group of investors for $24.4 million, and bundled it with a leaseback to LeaseCo, the management arm run by Luce. Under terms of the lease, LeaseCo would pay monthly rent to the investors. The sale was financed through a $15.2 million secured loan on the property with Bill Walters as personal guarantor.
Jack Crittenden
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