Jack Nicklaus Scottish Golf Resort Development Hit by Global Recession

Jack Nicklaus Scottish Golf Resort Development Hit by Global Recession

A £40 million luxury golf course designed by Jack Nicklaus seems to be the latest victim of the global recession. The project was thrown into doubt last week as its developers, FM Developments put ten of its subsidiaries into administration. One of the ten was the Jack Nicklaus project – Ury Estate development.

There are now fears that current administrator Zolfo Cooper will struggle to sell the Ury Estate development which is worrisome for the Aberdeenshire region since it was supposed to help give the economy a nice boost.

The 1,500 acre site was to include 238 homes with a 19th century B-listed mansion developed into a hotel. Further there are planned golf lodges, restaurants, leisure facilities and a spa that would accommodate 100 guests.

According to news reports, Zolfo Cooper stated that they were “exploring the options” for the current scheme. Locals are now worried that the development will be hard to sell on if FM Development will indeed be unable to develop Ury Estate.

Zolfo Cooper’s joint administrator Fraser Gray stated: “We’re firmly committed to exploring the future options available for the group’s developments and, in particular, plans for the Ury Estate and its proposed Jack Nicklaus Signature golf course.”

Ury Estate’s planned golf course is the second Scottish course designed by golfing legend Nicklaus who won 19 majors in his successful career.

Despite reported turnovers of almost £10 million for the year to August 2007, FM Developments are yet another victim of the global townturn.