No buyers for White Horse golf development; bank takes ownership
December 14, 2009 · 3:39 PM
Despite offering a nationally recognized golf experience, the financially-troubled White Horse Development and Golf Club received no bids at public auction Friday.
American Marine Bank took ownership of the golf course and 159 undeveloped lots after no bids were made in the trustee's sale, bank Senior Vice President Judy Thorpe said. The south Kingston golf course and housing development, formerly owned by Bob Screen of Bainbridge Island, were in arrears to American Marine Bank for $7.1 million, according to a trustee's deed filed with the Kitsap County Auditor Monday.
Thorpe said the bank is searching for a buyer and hopes to sell the course and properties as a package.
Screen broke ground on the White Horse housing development in 2003 and opened the golf course in 2007. The development struggled as the housing market cooled.
Screen filed for Chapter 11 bankruptcy for both the golf club and development in August.
The golf course closed Nov. 5 but reopened several days later under the management of American Marine Bank. The bank hired Touchstone Golf company of Berkeley, Calif., to run the course until a new owner is found.