After defaulting on $3.4 million in loans, foreclosure proceedings for the Cramerton, N.C., club’s clubhouse, golf course and three other pieces of nearby property are set for August 7.
Cramer Mountain Country Club in Cramerton, N.C., is facing foreclosure of its clubhouse, golf course and three other pieces of nearby property, the Gaston Gazette reported.
Documents state the property defaulted on $3.4 million in loans, with foreclosure hearings set for August 7. Owner Graham Bell has until the sale date to catch up on payments or pay the full amount, the Gazette reported.
On July 18, Bell said he temporarily closed the club to assess finances, and golf course designer Dan Maples was contracted to evaluate the golf course conditions, which Club & Resort Business reported at the time (“Cramer Mountain CC Closes Its Doors”).
The foreclosure proceedings also include two country club parcels and an additional 9.5 acres. The 34,000-sq. ft. clubhouse is listed on the commercial real estate website LoopNet and rumors have long circulated that the Cramer Mountain Homeowners Association plans to buy the clubhouse and golf course. However, Vice President Jami Farris said the group has no plans to buy the club or property, adding that the association and club are separate entities, the Gazette reported.
In 2010, Bell opened the clubhouse dining room and golf course to the general public, saying he was making an effort to protect his members in an economy that was forcing other private clubs into bankruptcy. Members have complained of deteriorating greens on the club’s 18-hole course and an unfilled Olympic-sized swimming pool.
Initiation fees range from $1,000 to $10,000, with monthly dues of $85 to $305, which includes membership in The City Club of Gastonia, the Gazette reported.