Late fees on all loans to the clubs are costing owner Graham Bell more than $770 a day. Cramer Mountain “temporarily” closed its golf course in August and members received dining privileges at The City Club.
Both Cramer Mountain Country Club’s golf course in Cramerton, N.C., and The City Club of Gastonia (N.C.) were scheduled for foreclosure sales on the morning of September 26, The Gaston Gazette reported.
The latest reports said Cramer Mountain Country Club and Properties Inc, and owner Graham Bell, owed nearly $2.5 million on the clubhouse and golf course, the Gazette reported. Previous reports stated Cramer Mountain defaulted on $3.4 million in loans and that Bell owes $4.3 million on The City Club.
Property auctions can be rescheduled up until the last minute, so it is unclear if the bank or a new buyer would walk away with either property by 11 a.m. on the 26th, the Gazette reported.
Bell also owns Cramer Mountain Club Corp., and 532 New Hope Road Corporation, owing in total more than $770 a day in late fees. Members say the City Club continues billing and Cramer Mountain closed its golf course in July, citing the move as temporary, the Gazette reported. After Cramer Mountain’s closure, members were given full dining privileges at The City Club.
C&RB covered the financial troubles of both clubs in August 2012 (“Financial Follow-Up: Westwood CC, City Club of Gastonia and Oakhurst Links”).