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SUMMERFIELD — An 18-hole golf course in Rockingham County is on the auction block after its owners defaulted on $2 million in loans.

Greensboro National Golf Club, created in 1994 by Eden orthopedic surgeon Titus Plomaritis Jr., went into foreclosure on March 25, according to court documents. The 342-acre golf course and club — valued at $5 million — along with unsold residential lots, are scheduled for auction April 22.

Plomaritis and a group of investors purchased and developed 480 acres of farmland in southern Rockingham County into a golf course and residential community. The development was ultimately supposed to include a clubhouse, swimming pool, tennis courts and about 150 homes.

The business partnership, Golf Venture, is managed by Plomaritis, his father, Titus Plomaritis Sr., and his brother Steven Plomaritis. They could not be reached this week. When a reporter visited the golf course Thursday and asked to speak to management about the scheduled auction, Titus Plomaritis Jr.’s wife, Jan, said, “It’s not going to happen.”

When the reporter asked for clarification, Plomaritis, who helps manage the course, replied, “No comment.”

Greensboro National resident Rebecca Cipriani said rumors have circulated in the neighborhood about the foreclosure. But she was not worried about its effect on residents since homeowners are not responsible for the course’s maintenance.

“People are talking about (the foreclosure) but nobody really knows if anyone is going to do anything with it,” said Cipriani, who serves as register of deeds for Rockingham County. “It’s such a beautiful property. I can’t envision that they would do anything with it other than continue it as a golf course.”

Martinsville residents Doug Riddle and Bill Vaughn said they and fellow investors sold their interest in the project to the Plomaritis family several years ago.

It’s is unclear why the course went into foreclosure. A Jan. 20 letter from SunTrust Bank attorney Kenneth Greene states that the managers of Golf Venture failed to pay back three loans made in 2006 and 2007 that totaled $2.1 million.

Greene confirmed but would not comment on the foreclosure. The attorney representing Golf Venture could not be reached.

County tax records showed the company still owes $51,700 in 2009 property taxes for the club, course and some residential lots. Golf Venture also has been issued warnings from the Secretary of State’s office for failing to file an annual report of its corporate status three times since 2001. The most recent notice was March 12.

Contact Morgan Josey Glover at 627-4881, Ext. 119, or morgan.josey@news-record.com