DECONSTRUCTED: In the bunker

Goldman Sachs is reportedly trying to foreclose on America’s second largest golf resort, where Tiger Woods issued his public apology. PERE magazine May issue 2010

It isn’t often that Tiger Woods and real estate become intertwined. However, you might be interested to know that the golf resort where Woods gave his infamous infidelity apology is also the subject of foreclosure action by Goldman Sachs.

The Wall Street bank’s mortgage arm recently filed for a court hearing to try to foreclose on the 65-acre Sawgrass Marriott resort, in Ponte Vedra Beach, Florida, after owner RQB Resort filed for Chapter 11 protection on 1 March.

According to a report by Reuters, Goldman holds the $193 million senior mortgage on the resort, the value of which has declined below the face value of the note.

As the second largest golf resort in the US, Sawgrass Marriott is not your run-of-the-mill resort, boasting seven golf courses, a serpentine-shaped emerald-encased hotel, a 25,000-square-foot spa, four swimming pools and access to 26 miles of beach.
The resort has direct access to the world-famous TPC Sawgrass golf course, which is not part of the RQB bankruptcy filing, and is home to the club house where Woods apologised to the US nation for a withering sex scandal that saw at least a dozen women allege they were involved in extra-martial affairs with the world’s number one golfer.

Whoever thought real estate could be so sexy?