The adjacent club and 5.5 acres of land are being acquired to help facilitate the Bald Head Island Club’s expansion while protecting the property’s view corridor. The acquisition will not impact the Shoals Club’s day-to-day activity and its current management will stay in place. The combined 1,910 members of the two clubs will not be assessed for the purchase.
The Bald Head Island Club in Baldhead, N.C. plans to acquire the Shoals Club and 5.5 acres of adjacent land from by Bald Head Island Ltd, reported Wilmington Biz.
The acquisition is awaiting membership approval at the Bald Head Island Club’s annual meeting on September 1st, Wilmington Biz reported. The financial terms of the acquisitions were not disclosed.
“Since the formation of the clubs, a combining of both entities has been intended and anticipated,” said Charles Paul, CEO of Bald Head Island Ltd., in a release. “The Bald Head Island Club is in effect ‘stepping into the shoes’ of the developer and will assume Limited’s ownership of the Shoals Club and oversee its future operations.”
The acquisition is another example of Bald Head Island Ltd.’s continued effort to divest its holdings and focus on island real estate, reported Wilmington Biz.
The 5.5 acres of land surrounds the Bald Head Island Club’s entrance, tennis courts and pool area, a key location for the club’s expansion plans. The acquisition will protect the view corridor and provide parking spaces and room for future growth, reported Wilmington Biz.
The acquisition will not affect day-to-day operations at the Shoals Club, and its current management and staff will remain in place, reported Wilmington Biz.
The combined 1,910 members at Bald Head Island Club and Shoals Club will not be assessed for the purchase, and no additional payments will be required at either club to affect the acquisitions, officials said. The membership status will not change for members of either club, reported Wilmington Biz.
Shoals Club opened in 2004, while the Bald Head Island Club opened in 1991, reported Wilmington Biz.
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