All club assets will be sold for an undisclosed price to Statesville Club Properties, which is managed by Don Beaver, who also owns Rock Bark Golf & Spa and three minor league baseball teams. The new owner plans to upgrade all existing facilities to attract new and former members, with plans to add a new fitness center and make the club’s meeting and banquet space available for more events.
The Statesville (N.C.) Country Club is entering a new era after shareholders agreed last week to sell all assets to Conover-based Statesville Club Properties, which is managed by businessman Don Beaver, the Statesville Record & Landmark reported.
The sale of the club became necessary after it fell behind on its note payments to Yadkin Bank earlier this year. A drop in membership in recent years caused financial difficulties for the private club, which has been in Statesville since 1944, the Record & Landmark reported.
Beaver, who also owns Rock Barn Golf & Spa and three minor league baseball teams, plans to upgrade all existing facilities in an attempt to attract new members and those that have left the club, the Record & Landmark reported.
“We will provide the capital needed to not only fix the immediate maintenance problems, but also a complete renovation of the club to enhance the experience of the members,” Beaver said in a statement. “A new fitness center is planned, as well as other new amenities. Dues will remain reasonable and the emphasis will be to grow the membership so the club can have the revenues for a first-class facility.”
Stockholders unanimously approved the purchase to be effective December 1, the Record & Landmark reported.
A notice announcing the shareholders meeting said the vote was taken to consider selling “substantially all of the (club’s) assets…for a purchase price sufficient to satisfy all outstanding mortgage indebtedness…plus the reimbursement of certain operating expenses.”
The club’s June 30 financial statement lists its assets at $2,089,112, 91% of which is property and equipment. There is an 18-hole golf course, 18,800-sq. ft. clubhouse, seven tennis courts, multiple-lane lap pool and children’s pool on the grounds, the Record & Landmark reported.
After the club fell behind on its note payments earlier this year, the defaulted notes were first bought by Monroe-based Carolina Development Services. However, the club’s board of directors did not agree with Carolina Development Services’ vision for the property and instead sought out another buyer, the Record & Landmark reported.
SCC President Chuck Dockery wrote in his letter to shareholders announcing the vote to sell, that the club, in early October, had “run out of options, run out of money and were discussing what date the doors of the club would close pending a foreclosure of our notes when we received some good news.”
Beaver’s plans also include making the club’s meeting and banquet space available for more events, the Record & Landmark reported.
“Additional meeting and banquet space will be provided, and we will welcome area businesses, wedding and banquets,” Beaver said in his statement.