Sports Shinko Group of Tokyo, once one of the world's largest golf property owners and entrepreneurs, filed for the equivalent of a Chapter 11 protection plan in Japan while its American subsidiary, Sports Shinko Florida Co. Ltd., filed for Chapter 7 liquidation in U.S. Bankruptcy Court in Tampa, FL.

The 1,000-acre, three course property, midway between Orlando and Tampa, will shut down tomorrow (Feb. 22). Court officials tell GlobeSt.com Sports Shinko Florida hadn't listed assets, liabilities or filed full financials on its initial petition Feb. 18 and has two weeks to do so.

But brokers, vendors and suppliers intimate with the property tell GlobeSt.com on condition of anonymity the debt load is expected to exceed $50 million. Grenelefe's payroll numbers about 400 staffers.

One of the largest creditors is Denver-based Columbine Life Insurance Co., on the hook for $12 million, a local mortgage banker familiar with Grenelefe's financial problems over the past 15 years, tells GlobeSt.com on condition of anonymity. Columbine officials couldn't be reached.

Besides Sports Shinko Florida Co. Ltd., related companies filing voluntary liquidation petitions are Sports Shinko Florida Realty Inc.; Sports Shinko Utility; and Grenelefe Realty.

Sports Shinko Florida owns the resort and three 18-hole championship golf courses. Sports Shinko Florida Realty owns the 750 condominium suites. Sports Shinko Utility owns the wastewater treatment plant.

Sports Shinko Florida bought Grenelefe in 1987 for a so-far undisclosed sum and had invested millions into updating and refurbishing the resort and its grounds, according to previously published information on its web site. Sports Shinko officials couldn't be reached at GlobeSt.com publication deadline.

The resort, off Polk County Road 544, southeast of Haines City, FL, has hosted golf and tennis legends such as Arnold Palmer, Martina Navratilova, Billie Jean King, Tracy Austin, Jennifer Capriati and Venus Williams.

Grenelefe has a total 82,000 sf of conference and meeting space, 20 tennis courts, three restaurants, two ballrooms totaling 23,000 sf and a 5,000-sf poolside pavilion area.

Three-night villa rate packages range from $470 to $600 per person in January and February. The rates drop to $400 to $450 per person in May, according to Grenelefe's web site postings. Six-week condo rentals are in the $4,000 range.