WELLINGTON'S BINKS COURSE UP FOR SALE

DATE: May 10, 2003 
PUBLICATION: Palm Beach Post, The (FL) 


Binks Forest Golf Course is for sale again, and potential buyers may include the village, 
the course's neighbors, golf course operators and housing developers.


The cost: $8 million, as is. Peninsula Bank bought the course at an auction in March for 
$700,000 because the bank had a $7.7 million foreclosure judgment against it.

Peninsula hired brokerage firm Atlantic Western last week to market the property, but the 
company is in the early stages of identifying potential buyers and developing a sales package, 
Atlantic Western President Brad Scherer said.

In the meantime, the bank has taken efforts to maintain the course to prevent further damage.

Binks, along with Greenview Cove golf course, fell into disarray after they were abruptly shut 
down more than a year ago amid financial problems when they were owned by companies controlled 
by retired Michigan dentist V. Robert Colton.

Since then, the future of both courses has been a source of concern for neighbors who want 
fairways next to their back yards, not more houses.

A housing development would be unlikely, though, because that would require a zoning change 
from the council and at least three of the five council members have publicly opposed that 
option.

Scherer said one option might be for the more than 500 residents living near the course to 
pool their money and buy it.

"In Wellington, unfortunately, and a lot of amenity-based properties, homeowners lost control 
of amenities," Scherer said. "It would certainly be something the homeowners would want to 
consider."

The village also might consider buying it, after it failed to acquire Greenview, having lost 
its bid to the Marina Funding Group, a holding of Palm Beach Polo Club and Country Club owner 
Glenn Straub.

The council has not discussed buying Binks, but it is "one of several options" to consider, 
Village Manager Charles Lynn said. Greenview might resurface as an option again, too.

Greenview's irrigation and fertilization systems have been fixed under the assumption it will 
be a golf course, but Straub has not made a decision whether to go through with opening it as 
a course, selling it or using it for another purpose, said Straub consultant Mike Nelson.

Although Straub expressed interest buying Binks in the past, Nelson said Straub now has no 
interest in buying it.