The fate of the Falls golf course at Lake Las Vegas is in the hands of a federal bankruptcy judge. U. S. Bankruptcy Judge Linda Riegle is considering whether to let a Texas company take possession of a golf course. She took a step toward letting Carmel Land & Cattle Co. foreclose on a $15 million loan for the course, but postponed a final ruling until at least next month.
One person in particular is watching the proceedings very carefully. The previous owner of Lake Las Vegas, Ron Boeddeker, could lose millions if the course went into foreclosure because he personally guaranteed the $15 million loan (which is probably worth less than the amount of the loan).
Arguements continue about the viability of the course, whether it will make money and its impact on the community. Lake Las Vegas Joint Venture sought bankruptcy protection earlier this year in July. Despite the filing, home sales continued in the community.
However, one of the main draws of Lake Las Vegas homes are the golf courses. There are roughly 1,600 completed luxury residences, ranging from estate size luxury homes to townhomes and upscale condominiums. Lake Las Vegas also boasts two hotels, various boutique shops, restaurants and a casino.