Phil Herrington's Oklahoma City Golf Club Poised for Auction Block

by George Waldon  on Monday, Dec. 16, 2013 12:00 am  

The proposed auction of the Gaillardia Golf & Country Club next month is threatening to remove the last Arkansas ties to the Oklahoma City country club.

Phil Herrington, president of Little Rock’s Herrington Inc., remains the nominal owner of the 275-acre golfing spread and its 7,240-yard championship course after foreclosure action ousted him from operational control of Gaillardia.

Herrington bought the club in December 2002 as part of a $9.1 million deal with OPUBCO Development Co., led by Christine Gaylord Everest.

Ford Price Jr., a court-appointed receiver, has recommended the property be sold at auction on Jan. 24 to cure upwards of $9 million in delinquent debt Herrington has amassed.

A Dec. 20 hearing before Oklahoma County District Court Judge Patricia Parrish is scheduled on the receiver’s motion to proceed with the auction, which includes details of how the sale will be conducted.

“We’ll see if the judge approves that, and if she does, we will move forward with that document,” Price said.

As proposed, bidders are re-quired to file the qualification paperwork by Jan. 17, qualification notices will be sent by Jan. 21, and the auction will be conducted on Jan. 24 in open court.

“My goal is to make it as straightforward and transparent as possible,” Price said. “Hopefully, it will get sold at a good price, and as many people as possible will get paid.”

Herrington’s tenuous position in the ownership picture has allowed Allied Bank of Mulberry (Crawford County) to retain its endangered security claim to his Gaillardia Country Club LLC, which holds title to the property.

Herrington pledged his 100 percent stake in the limited liability company in January as additional security on nearly $2 million of debt held by Allied.

However, the club’s property is pledged as collateral to other lenders.

Little Rock’s Bank of the Ozarks exited the Gaillardia picture in August after selling its $6.8 million first mortgage position to GCC Lender LLC, an affiliate of Concert Golf Partners of Newport Beach, Calif.

 

 

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