Nicklaus-Tied Family Office Wins Auction for Bankruptcy Assets

A family office tied to golf legend Jack Nicklaus’ son has won an auction for the brand and business assets of bankrupt golf services business Nicklaus Cos. with a $35.7 million offer.

20 Majors LLC’s bid for the assets of Nicklaus Cos. beat a higher cash stalking horse offer made last month by brand management company Iconix International Inc., according to a notice filed Wednesday in the US Bankruptcy Court for the District of Delaware.

North Palm Beach, Fla.-based 20 Majors’ manager is Rory Brown, according to court records. He’s a managing partner of Nicklaus Brown & Co., a family office whose other managing partner is Jack Nicklaus’ son, Gary Nicklaus. Gary Nicklaus is also CEO of the Nicklaus Family Office. Nicklaus won 18 professional majors and two US amateurs.

The assets being sold include licensing and commercialization of intellectual property of the Jack Nicklaus and Golden Bear brands for apparel, lifestyle products, and retail services. The deal excludes golf course design, development, and real estate management, according to court records.

The bid and settlement comes after years of disputes with Jack Nicklaus that culminated in a $50 million defamation judgment for the golf legend against the company. The settlement and sale, if approved by the court, could end fights between Jack Nicklaus and businessman Howard P. Milstein over control of the company.

The Palm Beach Gardens, Fla.-based business filed for Chapter 11 in November. Milstein, the CEO of Emigrant Bank, grew into the controlling executive and principal creditor of Nicklaus Cos. through his bank entities.

Milstein-affiliated PMP Nick LLC supplied a $145 million secured convertible loan to finance a 2007 deal shifting Nicklaus’ Golden Bear International to Nicklaus Cos., which Nicklaus also controlled.

Because the company couldn’t make interest payments, the loan ballooned to more than $476 million, mostly through compounding interest, court records show. A Milstein company took over board control of Nicklaus Cos. in 2011, but the banker resigned from the board shortly before the bankruptcy filing.

While Iconix’s starting bid was higher, 20 Majors’ bid was deemed better because it was part of a proposed comprehensive global settlement, the Wednesday notice says. The deal includes mutual releases of claims between Jack Nicklaus, Nicklaus Cos., and Milstein and his affiliates.

The settlement would have all the parties withdraw lawsuits in New York and Florida. The deal also allows an unsecured $250 million claim owed to Milstein’s PMP Nick to be potentially collected in part through the bankruptcy estate.

After the sale closes, Nicklaus Cos. would also pay $1.2 million to Jack Nicklaus related to a preliminary injunction damages award from a state court case. All the parties agreed to not disparage each other in the future as part of the settlement.

Also excluded from the sale are the company’s Gulfstream plane, cash, some property, and employee benefit plans. 20 Majors said it would also try to hire at least 50% of certain employees.

Attorneys for 20 Majors and Nicklaus Cos. didn’t immediately respond to requests for comment.

Nicklaus Cos. is represented by Weil, Gotshal & Manges LLP and Richards, Layton & Finger PA. Nicklaus is represented by Cole Schotz PC and Stearns Weaver Miller Weissler Alhadeff & Sitterson PA. 20 Majors is represented by Morris, Nichols, Arsht & Tunnell LLP. Iconix was represented by Cravath, Swaine & Moore LLP.

The case is GBI Servs. LLC, Bankr. D. Del., No. 25-12089, notice of successful bidder 3/4/26.