fter a month of voting, residents at Reynolds Plantation have overwhelmingly turned down the offer by the Reynolds family to purchase the community’s amenities, including six golf courses, for $45 million. The final vote tally of 80% negative was reported by Toby Tobin at GoToby.com on Saturday (see Toby’s report here
). The no vote opens up the distinct possibility that Bank of America will begin foreclosure proceedings on the amenities this week.
According to reports, the amenities were appraised at around $12 million. Besides the wide gulf between appraised and offered value,
One wonders how 20% of Reynolds residents rationalized a vote to purchase the amenities.
residents complained that the Reynolds family was less than forthcoming about financial details and also insistent that they would continue to control decision making in the event the residents purchased the golf courses (designs by Pete Dye, Jack Nicklaus and others). Given those terms and the price, one wonders how 20% of the residents saw fit to vote to buy the amenities, unless they preferred the “devil we know” to Bank of America.
In a fit of pique, a Reynolds resident created a savaging homemade video soliloquy of Chairman Mercer Reynolds explaining the dubious reasons for residents to vote to approve the purchase (see it here). Spanning the seven classic stages of grief, it seems Reynolds residents may have moved through 1) shock and denial for having thought Reynolds could escape the fate of virtually every other high-end, luxury golf-rich community; and 2) pain and guilt at having been so naïve; to 3) anger and bargaining -- anger at the Reynolds family and bargaining with Bank of America to purchase the amenities at a more reasonable price. Here’s hoping they move through the next step, 4) depression, reflection and loneliness, and reach the road to recovery quickly.