The once-controversial Malibu Golf Club, which opened in 1989, has now closed after owners Malibu Associates foreclosed on their $47 million loan from U.S. Bank, according to reports from the L.A. Times who broke the story last week.
Malibu Associates has also filed for Chapter 11 bankruptcy, in a filing that purportedly lists $76 million in assets to the company and $47 million in liabilities.
The golf club, located off Encinal in Western Malibu, includes a restaurant and clubhouse as well as an 18-hole golf course.
According to the L.A. Times story, Envicom Corp. in Westlake Village and Ballard Rosenberg Golper & Savitt were some of Malibu Associates’ largest unsecured creditors.Â
Envicom Corp is an environmental, biological and land planning firm and Ballard Rosenberg Golper & Savitt is a law firm, which according to their website, specializes in employment law.
There is no word as to if or when the golf club may reopen.