Trump back on Point

Eric Trump (Associated Press photo)

The Donald is looking at The Point again.

Eric Trump, son of real estate mogul Donald Trump, confirmed exclusively to the Mecklenburg Times Tuesday that his father’s real estate company is once again interested in buying The Point Lake and Golf Club in Mooresville.

“A lot of people at the club were furious that it got to the point where we withdrew,” he said. “They had a small kind of mutiny after we pulled out.”

The company had been looking at purchasing the club from previous owner Crescent Communities and engaged in a lengthy negotiation process. But in December, after some club members said they were opposed to Trump taking over, Eric said the company pulled out of any deal on the property.

Members of the club took ownership of the property from Crescent as of Jan. 1 and Eric said the group is now preparing to take a vote on whether or not Trump should be allowed to purchase the property. The members have until April 30 to make a decision on whether they want to pay Crescent’s asking price of $3 million to take over the club permanently. If they don’t come to a consensus on the $3 million price by the deadline, the price will be $5 million.

“I think a large majority of the members wanted us to take over the course because of the effect on housing values and the money we would put in for maintenance and amenities,” he said. “And there was the reciprocity of being able to play some of the major golf courses in the world.”

If The Point becomes a part of the Trump portfolio, members there will be able to play rounds at various other Trump-owned courses around the world, Eric explained. He also said the appearance of a rift between various club members and the leadership of the club was what caused the company to back out in December.

“We’ve never taken over a course where the membership is unhappy with it,” he said. “Of the last four courses we bought, we got a standing ovation when we took over because we were willing to put in the millions of dollars for improvements when the previous owner had leaky faucets because they wouldn’t put two dollars into the property.”

Representatives of The Point did not return calls for comment for this article.

“We look forward to what that vote is going to say and we suspect, based on feedback we’ve gotten of literally hundreds of calls, letters and emails asking us to reconsider, it will come back in our favor,” he said. “I’m not a confrontational person at all.”

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2 Responses to “Trump back on Point”

Justin Sutch Says:
January 6th, 2012 at 9:52 am

What a steal. He pays $3 million for an Iredell County appraised property of $42 that has aproximately 1.5 mil in cash reserves and has been making a healthy profit for the past 12 months. The recent newly elected board consists of a few members who will make out handsomely if the club is sold to Trump.
They have spent unknown to the members over $2 million to various lawyers to broker the deal. Even Jim Litsey a member of the board has billed his own law firm for work involving the sale. The secret negotiations have been going on for a year. This is in violiation of State Statutes. The Advisory Board that Litsey led was selected by Crescent. **************************************************************************************************************************************************
N.C. Gen. Stat. § 55A-8-25. Committees of the board
North Carolina General Statutes º 55A-8-25 Committees of the board

(e) A committee of the board shall not, however:

(1) Authorize distributions;

(2) Recommend to members or approve dissolution, merger or the sale, pledge, or transfer of all or substantially all of the corporation’s assets;

(3) Elect, appoint or remove directors, or fill vacancies on the board of directors or on any of its committees; or

(4) Adopt, amend, or repeal the articles of incorporation or bylaws.

THE POINT LAKE AND GOLF CLUB
EQUITY MEMBERSHIP PLAN

ARTICLE IX
COMMITTEES
1. Advisory Board of Governors

Prior to the Turnover Date, an Advisory Board of Governors will be established to serve
as a liaison between management of the Club Facilities and the members at the Club (the
\Advisory Board of Governors\). The Advisory Board of Governors shall have no duty or power
to negotiate or otherwise act on behalf of the members and shall serve only in an advisory
capacity until the Turnover Date except as expressly provided otherwise. Prior to the Turnover
Date, the members of the Advisory Board of Governors will be appointed by the Company and
must be members of the Club. Not more than sixty (60) days prior to the Turnover Date the
members of the Advisory Board of Governors appointed by the Company shall resign, and the
Club Members shall elect nine (9) Club Members to serve as the Advisory Board of Governors
until the Turnover Date. On the Turnover Date, these nine (9) Club Members shall become the
Board of Directors of the Club. The Advisory Board of Governors will terminate on the Turnover
Date.
*************************************************

Call Jim Carter at 239-248-2106 to confirm

In the news: Trumps renew interest in The Point club | Real Estate Says:
February 25th, 2013 at 5:11 pm

[...] Read the full story at MeckTimes.com, “Trumps back on point.” [...]

Trump back on Point

2 Responses to “Trump back on Point”

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