Taberna Country Club - Fred Leonard Has Me Wondering
After reading the story Monday written by Trent Bouts in Golf Industry News, we wondered if all the property owners at Taberna Country Club were aware of Fred Leonard’s struggles to maintain and operate their New Bern golf community's club after the club’s Lender withdrew from renewing financing? The loan had been paid each month timely and was up for renewal in September 2010. The Lender unexpectedly informed Leonard at the time of the loan’s renewal, they were not interested in renewing the Taberna Country Club's loan. Coming up with $2.7 million dollars in a economic recession is no easy task and left Leonard scrambling. Unsuccesful in finding replacement financing, in February 2011 Leonard filed Chapter 11 Bankruptcy on behalf of the Taberna Country Club.
Is a solution possibly in Leonard’s backyard? We know it’s a long shot but time and time again, we've seen affluent property owners investing into communities where they live, buying up the golf clubs and community amenities. We wondered if Leonard had considered banging on the 850 doors of his master planned community after being rejected by the Lender? If each property owner was willing to invest $3,176.47, these funds could have retired the bank note entirely. With Leonard's excellent payment track record, Leonard could have figured out a way to return this investment back to property owners over time. The New Bern golf community, Taberna Country Club, has about 400 members. Why wouldn’t the 400 golf club members and/or property owners invest in their community golf club and figure out a way to keep the club out of foreclosure? It makes no sense.
The facts are simple. Whether you play golf or not, the golf course is the centerpiece of this 850 home New Bern neighborhood established in 1997, only five minutes from the historic New Bern riverfront. The Taberna Country Club golf course is beautiful and was designed by Jack Nicklaus and Jim Lipe. Without continuous golf course maintenance, property owner’s backyards overlooking the golf course, the open views of the golf course throughout the community and common areas could quickly become eye sores. Neglect would add unnecessary expenses to repair and restore the golf club after all the legal battles end. If the Taberna Country Club closed, property values would likely decrease more than $3K each as golf course homes typically demand a premium. While property owner's may be quick to look the other way thinking this is not their problem, we wondered if property owner's had considered the spill over effect of this New Bern golf community club closing.
Taberna Country Club property owner's still have time to pull together as a community. Numbers can be worked out if folks will meet at the conference room table with an open mind and a calculator. If this does not happen, the Chapter 11 Bankruptcy Judge will make the final decision soon. We give Fred Leonard an ‘A’ for effort in trying to keep Taberna Country Club open for the community's enjoyment. We wish for a fairy tale ending, where the property owners at Taberna Country Club in New Bern NC become heroes and support their community’s most important amenity.
How would you feel about investing your community's amenity as opposed to the amenity shutting down and closing operations? We invite you to share your thoughts by leaving a comment.
