Front Sight Firearms Training Institute has filed for bankruptcy protection to stave off foreclosure after a dispute over funding through an immigration investment program, WSJ Pro Bankruptcy reported. The Pahrump, Nev., business, which has more than 260,000 members, sought chapter 11 protection from creditors Tuesday in the U.S. Bankruptcy Court in Las Vegas, listing total debt of roughly $20 million. Front Sight, founded in 1996 near Bakersfield, Calif., bought 550 acres roughly 45 minutes west of Las Vegas in 1998 and built what it said was among the world’s biggest private firearms-training facilities. The property includes 50 outdoor training ranges, live tactical simulators, an 8,000-square-foot classroom and pro shop, assorted other buildings, and land for development. The business provides classes and instruction to roughly 40,000 gun enthusiasts every year. Revenue mostly comes from selling lifetime memberships ranging from $250 to $50,000, as well as courses and products. The loan disputes that eventually landed Front Sight in bankruptcy began in 2012 when the firearms trainer said a financing company, Las Vegas Development Fund LLC, said it could raise up to $150 million to help fund the Front Sight Vacation Club & Resort. The expansion plan would include vacation residences, an RV park, retail shops and a pavilion, Front Sight said in a court filing.
