Harahan golf course is sold

Colonial Golf & Country Club’s sizable debt has been paid in full, reports The Times-Picayune. Businessman John Georges confirms that he and real estate developer Wayne Ducote completed the purchase of the 88-acre Harahan property Tuesday under the club’s Chapter 11 reorganization plan. “All the creditors have been paid,” Georges said Tuesday evening. “It’s now private property.” As J.W. Colonial Group LLC., Georges and Ducote agreed to pay $8.5 million to the club’s creditors according to the plan approved June 11 by federal bankruptcy Judge Elizabeth Magner. The 87-year-old country club closed earlier this year during foreclosure proceedings initiated by its primary creditor, Louis Lauricella-owned Colonial Finance LLC. Lauricella loaned the financially beleaguered club $4.7 million in 2007. But that debt swelled to $7.8 million, including interest, attorney’s fees and other costs. The club declared bankruptcy in February, one day before the property was to be auctioned off at a Sheriff’s sale. Colonial Finance received $4.5 million in cash from the sale. Georges and Ducote assumed the remaining $3.3 million debt, according to the plan. Another $656,472 was paid to the club’s other creditors. To read more, click here.