Presidential Golf Club closes
- September 16, 2008
Four months after opening, The Presidential Golf Club in Dulles closed its doors yesterday and let employees go. The action came after unpaid contractors filed $3.4 million in liens on the property in Loudoun County Circuit Court, according to The Washington Post.
The $40 million project, located minutes from Washington Dulles International Airport, was billed as a board room with a golf course. It had a 17,000-square-foot clubhouse, meeting rooms, a private dining room, golf course and golf academy. Although the club had lined up corporate members willing to pay $60,000 a year to use its facilities, local investors ran into trouble with financing. After the original lending source for the project fell through, the investors shopped around, but could not find another lender, sources close to the project said.
A group of about 14 local entrepreneurs were behind the Presidential. Headed by Eric Wells, CEO of WestDulles Properties, they included Darrell Green, a former Washington Redskins corner back, and William Dean, CEO of M.C. Dean in Dulles, John C. Lee IV of Lee Technologies, based in Fairfax; and Mark Koblos, president and CEO of the KTA Group in Herndon. The investors could not be reached for comment.