Killearn Country Club owner, Barton Tuck, through his company Resort Club Properties, has secured a $1.8 million loan from a bank in Cairo, Georgia using the “Killearn Country Club and Inn” as collateral.
The loan was recorded with Leon Clerk of the Court on October 31, 2014 and can be viewed here.
Why is this noteworthy?
Mr. Tuck has made news lately by proposing that the North nine holes of the golf course be closed and sold for redevelopment to raise money to help the club, which he says is struggling financially.
How does a struggling golf club secure a $1.8 million loan? That is a question that is sure to be asked by those who oppose Tuck’s plan.
It appears the transaction will add credibility to claims by some that Mr. Tuck is not being upfront about the financial condition of the club and therefore affecting the options available to “save” the club.
However, answers maybe coming soon.
A lawsuit filed by Claire Duchemin, who lives on the North course, in circuit court claims that Mr. Tuck must offer to sell the club to members before closing any part of the golf course. Her argument is based on the restrictive covenants placed on the property in 1981.
Tallahassee Reports has learned that discovery in this case will include a request for documents used to secure the $1.8 million loan.