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WENTWORTH — SunTrust Bank dismissed foreclosure proceedings against Greensboro National Golf Club  in Summerfield this week, enabling the owner, Golf Venture,  to put the 342-acre course and clubhouse up for sale.
The dismissal means that an auction scheduled for this morning will not take place.

Instead, potential buyers should direct inquiries to Golf Venture and part-owner Titus Plomaritis Jr.,  according to his attorney, Robert Weckworth. 

The Greensboro attorney said the property is being marketed as a golf course.

“I think right now they’re at a cooperative effort to sell (the golf course),” Weckworth said about Golf Venture and the bank. “I think it’s in everybody’s best interest to sell the property at fair market value without the duress of a foreclosure.”

According to court records, the foreclosure was dismissed without prejudice Monday. This type of dismissal gives SunTrust the ability to pursue the foreclosure again if the matter goes unresolved.

SunTrust still holds a mortgage on the golf course and the balance would need to be paid off or other arrangements made before the new owner could take possession of the property, said Kenneth Greene,  an attorney with Carruthers & Roth , which represents the bank.

Greene would not say how long Golf Venture has to sell the property.

Calls to Plomaritis at Greensboro National Golf Club were not returned Wednesday.

The prospect of new ownership kept some Greensboro National residents on edge  as the bank postponed courthouse auctions that were scheduled in April and May.

The 18-hole golf course in Rockingham County went on the auction block in March after Golf Venture defaulted on $2 million in loans.

The business partnership is managed by Titus Plomaritis Jr., an Eden orthopedic surgeon, as well as his brother Steven Plomaritis,  and his father, Titus Plomaritis Sr.,  who owns a majority stake. 

The 16-year-old development was  supposed to include a clubhouse, swimming pool, tennis courts and about 150 homes. The golf course and its unsold residential lots are valued at $5 million,  according to county records, and Golf Venture owes about $52,000  in 2009 property taxes.

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