A federal bankruptcy judge has approved the sale of The Bull at Pinehurst Farms
golf course for nearly $2.48 million.
The buyer is listed in court records as Bull Golf at Pinehurst Farms LLC, which is registered to John Dunfee of Cedarburg. Dunfee is the chief financial officer of LaBudde Group Inc.
, a Cedarburg based company that manufacturers and trades products used in the pet food industry.
in June that Dunfee and Randy Groth, CEO of LaBudde, planned to work to get the course staffed and reopened some time in July.
The course, designed by Jack Nicklaus and located in Sheboygan Falls, filed for bankruptcy protection earlier this year. At the time, it had around $5.8 million in liabilities including nearly $4 million with Wisconsin Bank & Trust.
The bank agreed to the sale and would receive around $2.3 million in proceeds from the deal.
The Bull had seen a decline in business in recent years with gross revenues dropping from nearly $2.7 million in 2017 to $2.6 million in 2018 and $2.2 million last year. It also experienced financial problems in 2011.
Prior to the bankruptcy filing, Wisconsin Bank and Trust had foreclosed on the property. The course was set to be sold via a sheriff’s auction
before the filing.
A buyer willing to pay $2.2 million for the course did emerge during the bankruptcy process but backed out of the deal during due diligence.