By Jeremiah Reed
Staff Writer 

Glen Cannon Country Club Sold In Auction - Brevard NC

 


In front of more than 50 people on the steps of the Transylvania County Courthouse, Glen Cannon County Club was sold to Great Oak Pool I, LLC for the price of $840,000 at public auction last Thursday afternoon.

Scott Carter, trustee of the deed of trust for Glen Cannon, was the auctioneer of the property.

Great Oak Pool is an LLC that was created by Hudson Realty Capital – the company that holds the mortgage on Glen Cannon – in the summer of 2013. Great Oak Pool, which is based in Delaware, was the only bidder at Thursday’s auction.

Douglas Ghidina, an attorney with Moore & Van Allen – based in Charlotte – was listed as the buyer on official court documents. The Transylvania Times attempted to contact Ghidina Friday afternoon but his voicemail stated he was out of the office until today.

Several other calls made early Monday morning yielded the same message.

Although Great Oak Pool was the highest bidder, by law, upset bids will still be accepted for the next 10 days.

If there are additional upset bids filed during that period, the 10-day window would then be applicable to the date that bid was filed.

If, after the 10-day period there are no further bids, then the highest bidder assumes the deed and officially becomes the owner of the property. Glen Cannon, which features an 18-hole, 6,548-yard layout and offers golfers scenic views of mountains and waterfalls, first opened as a private club in 1965.

Eventually it changed to a semi-private club offering several amenities to the community, including a pool and the large clubhouse that was often reserved for special events.

Although Glen Cannon was an extremely successful and lucrative club in ‘80s and ‘90s the club had fallen on rough financial times in recent years as membership and revenue waned.

Despite trying multiple avenues to try and stay afloat – including hiring a national golf course management company to oversee the club as well as attempting to recapitalize the club by issuing additional shares of stock – Glen Cannon officially closed its doors last December.

At the time, Glen Cannon president Alex Brannon said the club needed between $900,000 and $1,000,000 to sustain the operation and added the club was facing “considerable debt.”

During a brief interview Monday morning, Brannon said he was not surprised at the results of the auction and said he had been in discussions with Great Oak Pool in the past about their interest in the club.

Brannon said he was also aware of several outside parties who made bids directly to Hudson Capital in an attempt to purchase the property but the price was never high enough.

“There were some offers made to Hudson earlier on, from directly interested buyers but they were given the indication (the offers) weren’t high enough, so I felt that Hudson had a figure in mind and thus they made a minimum bid above which they might be willing to sell the property,” Brannon said.

Brannon said from his discussions with Hudson, he believed they intended to open at least the golf course portion of the club in the coming months.

“Hudson had indicated earlier on to me that they are interested in getting the club open and at least getting the golf course operational and maintained, while I assume they would still actively be trying to sell the club,” Brannon said.

 
 

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