Landmark Land Company

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Landmark Land Company
IndustryReal estate development
Founded1971; 47 years ago (1971)
HeadquartersIndian Wells, California
Area served
United States
Europe
Caribbean
Key people
Andy Vossler, President & CEO
Websitewww.landmarkgolf.com

Landmark Land Company is a real-estate development company specializing in the creation of golf courses and upscale communities.

History[edit]

The company was formed in 1971 when Gerald G. Barton took control of Godchaux Sugar Company, a bankrupt Louisiana corporation established in 1865, and changed the name to Landmark Land.

In 1976, Landmark opened the Oak Tree Golf Club in Oklahoma, designed by Pete Dye. This was soon followed by Belle Terre Country Club in Louisiana, and the La Quinta Resort and Club and Carmel Valley Ranch, both in California. During the next 30 years Landmark built 17 more courses with Dye.

In April 1990, the company was the subject of a probe by the U.S. Securities and Exchange Commission as a result of questionable accounting practices.[1]

In May 1990, the company agreed to sell a 6,700-acre Riverside County parcel for $275 million.[2] In June 1990, the offer was withdrawn.[3]

In 1991, the company agreed to sell its assets for $739 million.[4][5] The deal fell through that year and the company filed for bankruptcy protection. Its savings and loan was seized by regulators.[6] Barton lost everything.[7][8]

Landmark moved to Indian Wells, California in 1992.[9]

In 2010, the company once again faced cash flow problems.[10] As of August 2018, the company is known as Landmark Golf, and focuses on ownership and development of golf courses.[9]

References[edit]

  1. ^ FURLONG, TOM (April 13, 1990). "SEC Probe Adds to Landmark Land Co.'s Woes : Real estate: An investigation into its accounting practices is the golf course developer's latest regulatory problem". Los Angeles Times.
  2. ^ GRANELLI, JAMES S. (May 17, 1990). "Landmark, Hon Strike Deal on $275-Million Land Parcel". Los Angeles Times.
  3. ^ GRANELLI, JAMES S. (June 28, 1990). "Hon Withdraws Offer to Buy Landmark Land Parcel". Los Angeles Times.
  4. ^ "Landmark Land Co. to Sell Holdings for $739 Million". Associated Press. Los Angeles Times. January 2, 1991.
  5. ^ HYLTON, RICHARD D. (January 2, 1991). "A $739 Million Asset Sale Is Seen for Landmark Land". The New York Times.
  6. ^ Schmidt, Susan (October 15, 1991). "AGENCY SEIZES THRIFT THAT OWNS RESORTS". The Washington Post.
  7. ^ "The Best Course He Ever Built - Kiawah Island".
  8. ^ "Back from the Brink".
  9. ^ a b "History". Landmark Golf. Retrieved August 14, 2018.
  10. ^ "Landmark Land Co. faces cash flow issues". American City Business Journals. April 8, 2010.