The two Gastonia, N.C., clubs will be sold in the next 30 to 45 days following a hearing in bankruptcy court that marked the end of protection against foreclosure for the clubs. Alliance Bank & Trust, which holds mortgage loans on both properties, is owed more than $4.35 million according to bankruptcy documents.
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.
New developments are reported on the potential land swap between Westwood CC and Audubon Golf Course in Williamsville, N.Y.; the foreclosure of City Club of Gastonia (N.C.), as fallout from the difficulties of Cramer Mountain CC in Cramerton, N.C.; and the failure of a course sale for Oakhurst Links in White Sulphur Springs, W. Va.
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.
Graham Bell, owner of the Cramerton, N.C., club, said he will continue booking events while the club closes “temporarily” to assess its financial situation. Current members will be given full dining privileges at The City Club of Gastonia.
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