The Lexington, N.C., club faced foreclosure if a buyer could not be found. Richard Childress, a longtime member of the club, bought the property for an undisclosed amount and has not yet revealed plans for the facility.
Three R Holdings, owned by Richard Childress, bought Sapona Country Club in Lexington, N.C., the Lexington Dispatch reported.
The Davidson County Register of Deeds filed a general warranty deed in lieu of foreclosure for the club on August 15. Elkhorn Management Co., owned and managed by Childress, filed a certificate of assumed name on August 10, so any business Childress conducted in regard to Sapona would take place under the assumed name instead of the corporate name, the Dispatch reported.
The Sapona Country Club Board of Directors met with residents August 14 to announce the pending deed transfer.
“Everyone I have talked to has a very optimistic outlook for this club. (Childress purchasing the facility) is very good for the club and the community,” said club member Nereus English.
Three R Holdings purchased Sapona Country Club’s land, estates, easements, rights, improvements, personal property, fixtures, equipment, furniture, furnishings and appliances, according to the deed. This purchase includes all the property designated as fairways, practice range, club area, recreational and parking facilities and the streets of Sapona Subdivision, recorded by the register of deeds in a 1968 plat book, the Dispatch reported.
Before the purchase, Sapona Country Club, Inc., owned the club from 1986 to 2012. Recently, NewBridge Bank owned the note on the property and gave the club’s board of directors a deadline to find a buyer or face foreclosure.
“When (Childress) saw it was up for sale, he saw this as a great business opportunity,” said Childress’ Director of Communications, David Hart. “Having been a member, he wanted to help restore what Sapona had been in the early ’90s.”
No purchase price details or plans for the facility have been announced, the Dispatch reported.
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