After over 25 years, the Cramer Mountain Country Club is now facing foreclosure.
The foreclosure includes the golf course, clubhouse and some three properties nearby. Gaston County Clerk of Court filings indicate that the club has defaulted on loans totaling approximately $3.4 million. Nevertheless, this high figure does not mean the property owner will lose the country club. It does mean the property owner will be given a set time during which he can catch up on payments, or pay the entire amount due.
On August 7, 2012, a hearing will be held, during which the date will be set when the owners of the property will be required to repay the debts. Papers were filed to start the foreclosure proceedings on July 13.
The foreclosure includes all 18 fairways, the 34,000 square foot clubhouse, 9.5 acres on Wilkenson Boulevard and two other properties in the area. The Stuart W. Cramer High School is now being built next to the 9.5 acres on Wilkenson.
Although rumors have circulated that the Cramer Mountain Homeowners Association would be interested in acquiring the property, they remain unconfirmed. The homeowners association and the country club have always operated as two separate entities.
In 2010, the Cramer Mountain Country Club began accepting public members in an effort to increase its income in a struggling economy. That decision apparently was not popular with current members, and cost-cutting issues seem to have caused the golf course to suffer further. The Olympic-sized pool was not put into service this year.
The sputtering economy has caused hardships for businesses across the country. When a business is no longer able to meet their financial obligations, initiating foreclosure proceedings is sometimes the only available option to lenders.
Source: Gaston Gazette, "Foreclosure looms for country club, golf course," Ragan Robinson, August 1, 2012.
Our firm handles similar situations to the one discussed in this post. If you would like to learn more about our practice, please visit our Fayetteville business foreclosure page.