Over the past year, the club missed loan payments to Credit Suisse and has been trying to get construction back on track. In September, it contracted with Discovery Land Co. of Scottsdale, Ariz., to manage the club and build out the residential community, infrastructure and amenities. The club has blamed the economic and real estate downturns and tight credit markets for its squeeze. Critics have cited runaway spending on luxury jets, yachts, and foreign estates. \
