Be careful when you sign up for those lifetime memberships in clubs.
A golf club (Sea Oaks Country Club – NJ) filed for Bankruptcy and the assets were sold.
Purchaser of assets was not obligated to pay back or honor the lifetime memberships.
67 individuals paid $50K to $60K for their lifetime membership (WOW approximately $4 million).
Golfers hit a “DUFF” and buyer scored tremendously.
New Golf Club owner “ACED” his shot.