Bonita Bay Group, once a premier developer of upper-crust golf communities in this upper-crust town, is on the verge of collapse.

The company says it will be forced to file for bankruptcy if it has to refund $245m in golf-club membership fees some homeowners are demanding, in a battle that's pitting residents against each other and against the company that sold them lavish dream homes during the height of the boom.

Wall Street Journal