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

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

“Phil is working directly with Concert Golf to work this out,” said Craig Douglass, Herrington’s spokesman. “Of course, there are legal ramifications with other parties in all this. We’ll see what happens.”

In addition to Concert Golf, Herrington will have to come to terms with First Liberty Bank of Oklahoma City, which holds a second mortgage claim of more than $1.5 million.

Also in the mix are three years worth of unpaid property taxes totaling $460,000, repaying receiver-incurred debt to cover outstanding Gaillardia bills and more that push Herrington’s country club tab upwards of $9 million.

Filings by First Liberty and Bank of the Ozarks indicate that Herrington in April quit making payments on the loans, secured in large part by the northwest Oklahoma City club’s real estate.

Without the Gaillardia property, the stock pledged to Allied Bank appears to be essentially worthless. The Allied loan is secured by additional collateral that includes a life insurance policy and an undeveloped beachfront lot in Destin, Fla.

Herrington’s money woes weren’t limited to his Oklahoma venture.

A small upscale residential development near Sundance Mountain Resort, Utah, drew a $4.7 million foreclosure action in June by Little Rock’s One Bank & Trust.

That dispute was settled after a buyer stepped in to replace Herrington in July.

The financial chaos also sent Herrington’s name to the “wall of shame” at the Country Club of Little Rock, a posting reserved for members who fail to clear their account each month.

The arrearage grew to about $5,700 before his name disappeared from the bulletin board of the downstairs common area, indicating that he was either cut off or the bill was paid off.

On paper, Herrington owns Gaillardia and its palatial 55,000-SF clubhouse.

However, Price has controlled the business affairs of the club since June 27. His appointment as receiver came 13 days after First Liberty Bank started the foreclosure ball rolling. The lender provided a $500,000 revolving line of credit to help the court-appointed receiver keep the club in business after creditors began repossessing equipment.

 

 

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