REAL ESTATE: This Meal Has Nine Courses

REAL ESTATE: This Meal Has Nine Courses

To the incurable golfer, the club names are almost mythic: Palm Beach, La Quinta, Mission Hills. But the owner of those exotic courses, California's Landmark Land Co., has been stuck for months in that great sand trap of the American economy, the savings and loan crisis. Landmark owns the resorts through a New Orleans subsidiary, Oak Tree Savings Bank, which is under pressure from federal regulators to raise some cash and shore up its finances. As a result, Landmark agreed last week to sell nine golf clubs and resorts for an estimated $739 million to an investor group led by Tokyo's...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!