Monday, February 4, 2013

Firethorne Country Club sells

The Firethorne Country Club has been sold, according to the property's listing broker.

The new owner was not identified but described in a press release as "a new entity to the golf industry" but "a veteran of the hospitality industry."

The country club, with its 18-hold golf course, ran into problems in 2009 when it stopped paying on a $8 million loan, according to court documents filed by its lender, Textron Financial Corp. The lender said at the time the club owed more than $5.5. million.

Textron started foreclosure proceedings in 2010, but they were halted when the country club filed for Chapter 11 bankruptcy protection, listing debts of $1 million to $10 million. Textron later took over the club, located in Marvin.

Marketing materials show the listing price as $5.5 million, a 57 percent discount to the $12.7 million county assessed value.  The materials say the club has a historical annual revenue of between $4 million and $5 million.

Steven Ekovich and Chris Karamitsos with Marcus & Millichap's National Golf & Resort Properties Group represented the seller. Ekovich said he could not disclose the seller because of a confidentiality agreement. He also did not share the sales price.


jt tj said...

I'm sure all the residences tax values adjacent to the course are more "accurately" estimated to the reality of the $2.5 million sale price....1/6th of mecklenburg county tax value.

And, in most matrices the depressed sale should be reflected in an adjustment across the street...

Giant sucking sound coming from South Charlotte, heard echoing off the mayor's trains uptown. How's it feel?

Nameless said...

A Disney Charlotte? Finally NOW we are "world class"!

Anonymous said...

Anonymous said...


Put a hole in the holds!