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Bank buys country club at auction

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Pine Valley sold for more than $1.8 million

By Amber Coulter

The properties that comprise Pine Valley Country Club have been purchased by a bank to which Hardin Circuit Court recently determined the club owed money.

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The only bid placed Thursday from a group of about 70 attendees at the Hardin County Justice Center was an opening offer of $1,825,000 from representatives of South Central Bank.

The bank recently won a foreclosure suit against Pine Valley Country Club Inc. and the properties were put up Thursday for public bid as one unit.

The court ruled South Central Bank was owed more that $2.2 million on three notes the organization took out. Hardin Circuit Judge Ken Howard ordered the properties sold together at a master commissioner’s sale.

After the bank’s bid Thursday, there were some whispers, but no one else spoke.

Representatives of the bank at the auction would not comment on the purchase and didn’t return calls Thursday.

Many present at the auction were residents in the country club area who wanted to see how the auction turned out.

April Groff is one of many neighbors who hope the golf course remains open.

“Property value, bottom line,” she said.

Groff said the property value was a major reason she chose to live near the country club.

The community is nice, she said.

Elizabethtown Mayor Tim Walker also was among interested parties who attended the action.

“This concerns the neighborhood, what happens next to the golf course,” he said. “I’m very concerned as the mayor about what happens to the property. Hopefully, it can remain as a golf course.”

Some residents invested their life savings to have homes near a golf course, and it wouldn’t be good for the surrounding neighborhoods for the golf course to be taken away, Walker said.

Hardin County Master Commissioner Paul Musselwhite said it is unusual for mortgage holders to purchase properties up for auction. It has become increasingly common, however, since the downturn in the economy, he said.

Amber Coulter can be reached at (270) 505-1746 or acoulter@hotmail.com.