High-end Cliffs Communities to declare bankruptcy

Posted February 10, 2012 4:20 pm, Modified: February 10, 2012 4:20 pm | Filed under State/Regional News
By the South Carolina Radio Network

The owners of the Upstate’s elite Cliffs golf course communities are filing for Chapter 11 bankruptcy. WYFF4 reports property owners in the resort and residential communities learned this week that the overseeing company is about $50 million in debt after housing market recession in the past few years.

The BMW Charity Pro-Am is held at a Cliffs course

The Carlile Group, a Texas equity investment firm, will take control of all the Cliff’s sites–and will keep them as luxury properties. That includes property being developed by Tiger Woods.

Jim Anthony 20 years ago developed these properties in the mountains and foothills in the Northwestern part of the state. Today he told the station “At this stage of the game, this is a real blessing.”