Illinois National Bank has foreclosed on the owner of Piper Glen Golf Course and taken over the facility.
The bank this week filed an emergency motion in Sangamon County Circuit Court to take possession of the course, and Walters Golf Management, based in St. Louis, is now in charge. Bryce Voisin, revenue manager for Walters Golf Management, said that he did not know what the future holds for Piper Glen.
“Walters Golf will do what we can to protect the bank’s interest in the course in the event it is still open,” Voisin said.
All employees remain at the course, Voisin said.
Illinois National Bank is asking that the course be sold at auction. The bank in foreclosure papers filed this week in Sangamon County Circuit Court says that it is owed nearly $1.4 million and that DMI Enterprises, the course owner, missed its monthly payment in July. The company had previously missed payments, according to a February forebearance agreement with the bank in which the loan was declared in default and the company promised to either refinance the debt or sell the property.
DMI Enterprises is owned by David Impastato. He acquired the course in 2006 and was resident golf pro at the course when it opened in 1996. He also worked as coach of the men’s and women’s golf teams at Benedictine University in Springfield.
Impastato last September took a job as director of golf at Cog Hill Golf and Country Club near Chicago and denied rumors of financial difficulty at Piper Glen in an interview last year with the State Journal-Register. He could not be reached for comment.
Contact Bruce Rushton at brushton@illinoistimes.com.
This article appears in Aug 20-26, 2015.
