ESCONDIDO, Calif. - Despite the objections from furious residents, the Escondido Country Club will shut down in April.
Owners of the country club contend that they cannot sustain up to $35,000 in monthly losses in addition to a $2 million fee to renovate the golf course.
Residents who bought property to be near the golf course say they are upset about news of the closure and concerned about plans to build a housing development in the 110-acre lot.
As many as 400 houses would go where the golf course has been since 1964.
The new ownership group, Stuck In The Rough LLC, took over the property in December 2012 and announced a plan to bulldoze the fairways last week.
Residents Dominique Wiggins and Daneshia Slaughter call the plan, a "horrible idea."
Wiggins and Slaughter bought their home along the course's 18th hole only a year ago.
"We're just now hearing about this after we just moved in, so it's pretty disappointing," Slaughter says.
A representative with Stuck in the Rough LLC spoke with 10News and says when the groupmembers bought the property out of foreclosure in December, they had no idea of the mess they had gotten into.
"In their analysis, they determined it will take $35,000 a month just to break even, so it is losing $35,000 a month and it will take another $2 million to make it up to snuff," said Erica Holloway, spokeswoman for Stuck In The Rough LLC.
The group says it has no choice but to shut down the golf course by April 1.