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Posted March 11, 2009 | Copyright © The Northern Virginia Daily
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Jackson's Chase back in full swing
Owners reach deal to avoid foreclosure
By James Heffernan
FRONT ROYAL -- A local golf club has avoided the auctioneer's gavel -- for now, at least.
Jackson's Chase was scheduled to be sold on the steps of the Warren County Courthouse on March 2. But the trustee sale was postponed after a deal was reached involving the new ownership, according to Winchester attorney Cary M. Craig Jr.
"They have worked it out," he said.
Craig would not discuss the details of the agreement. But Jon Rainey, the club's assistant pro shop manager, said it is his understanding that the owners were granted a 45-day extension to get their financial house in order.
"[During that time] if these conditions were met, the foreclosure would be called off," Rainey said.
Built in 1998, Jackson's Chase was originally owned by the late Chuck Maddox, a retired civil engineer; Don Unger, former president of Premier Community Bankshares; and local builder Tinker Grove.
Last summer, the 228-acre property was sold to a Korean group, ASU Investment Holdings LLC, that also owns a business school in Anaheim, Calif., known as American States University.
The new ownership is working diligently to settle all of its outstanding debts, Vice President and Director Kee Ho Kim says in a letter to The Northern Virginia Daily dated Feb. 23.
In the meantime, Jackson's Chase is back in full swing.
"We are fully operational," said Rainey, who has been with the club for three years. "We're still treating people the way we always did."
The club currently has between 15 and 20 employees, roughly the same number as in the spring of last year, he said.
"I don't see any reason that would change."
Phone service and the club's Web site, which were taken down in January, have been restored.
The 18-hole course was "packed" this past weekend, Rainey said, and has started booking tournament dates for the 2009 season, including its Founder's Day event, scheduled for April 10.
"We would appreciate it if you come on out and play," he said.
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