A federal judge approved the bankruptcy exit plan of the Johns Island, Ga., property, pending its sale to NFL team owner Bob McNair. That deal is expected to close Friday.
Rival Bidder Shows Interest in The GC at Briar’s Creek
R. Black Global LLC, a New York real estate company, has emerged as a rival bidder on the Charleston, S.C., property, offering $11.8 million against the $11.3 million bid submitted by a group that includes Houston Texans owner Robert McNair. A court auction is scheduled for today to determine the buyer.
Members to Vote on Sale of The GC at Briar’s Creek
Current and former club members will review the sale proposal, which would sell the Charleston, S.C., club to investors for $7.4 million in cash. If approved, members would recover less than half of what they’re owed in order to bring the club out of bankruptcy.
The GC at Briar’s Creek Files for Bankruptcy, Faces Sale
Founding member and Houston Texans owner Robert McNair is head of an investment group that is seeking to purchase the Johns Island, S.C., property’s assets for $11.3 million, and invest another $2 million into a new debt-free, private club.