NAPLES, Fla – Bonita Bay Group, once a premier developer of upper-crust golf communities in this upper-crust town – one of the leading developers in the Naples area, which has the highest per capita income of any locale in the country except Stamford-Greenwich, Conn – is on the verge of collapse. The company says it will be forced to file for bankruptcy if it has to refund $245 million in golf-club membership fees some homeowners are demanding, in a battle that’s pitting residents against each other and against the company that sold them lavish dream homes during the height of the boom.
By William M. Bulkeley, Sept. 24, 2009, WSJ

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