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Second bank moves to foreclose on Gaillardia

Little Rock-based Bank of the Ozarks filed foreclosure papers against Gaillardia Golf and Country Club's owners on Monday in Oklahoma County District Court.
BY BRIANNA BAILEY Business Writer bbailey@opubco.com Modified: June 26, 2013 at 8:53 pm •  Published: June 26, 2013
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A second bank has moved to foreclose on Northwest Oklahoma City's exclusive Gaillardia Golf and Country Club.

Little Rock-based Bank of the Ozarks filed foreclosure papers against Gaillardia's owners on Monday in Oklahoma County District Court.

In court documents, Bank of the Ozarks claims the club's owner, Arkansas-based Herrington Inc., and CEO Phil Herrington owe $6.8 million plus interest on a defaulted mortgage on the country club and golf course.

Oklahoma City-based First Liberty Bank also began foreclosure proceedings against Gaillardia earlier this month, claiming the country club owed more than $1.5 million on a second mortgage.

Like First Liberty, Bank of the Ozarks is asking the judge in the case to appoint a receiver to take control of the invitation-only country club until the property can be sold.

The country club and other property at Gaillardia “are in danger of being lost, removed or materially injured,” Bank of the Ozarks claims in court documents.

The “current condition of the mortgaged property and the collateral are rapidly deteriorating and may pose concern for the safety of the occupants or users,” Bank of the Ozarks said in its foreclosure filing.

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