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Monday, April 18, 2011

One reader sees malice aforethought in golf club intentions on membership deposits

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        One of our readers reminds us in a note that current members of the Dominion Club in Richmond, VA, are not the only ones with a vested interest in a fair resolution to the club owners’ alleged “faux bankruptcy” to avoid repaying member deposits.  (See Morally Bankrupt? by clicking here.)  Club members are suing club owners HHHunt for $1.7 million to recover their deposits.  Our reader wrote us the following:

        “Just a note about the Dominion Club members owed their initiation deposits -- many FORMER club members are also owed their deposits.  We joined when the Club opened.  We resigned in 2007.  When checking on our position on the list to be repaid, we were advised that we were #184 and that three new members would have to join for every one former member to receive his refunded fee.  When I asked when we might expect to see our money, I was advised it would be a "very long time.”  I asked if we should write it in our will to go to our children, and the young lady said, "That would probably be a good idea."  I left that conversation thinking that the intention was never to repay those initiation fees.”

        Where golf clubs still offer the option of an equity payment or deposit as well as a lower, non-equity payment, we recommend you opt for the non-equity.

Read 3961 times Last modified on Friday, 27 September 2013 11:29
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Larry Gavrich

This blog was conceived and is published by me, Larry Gavrich, a former corporate communications executive who founded HomeOnTheCourse, LLC, in 2005.  Our firm advises baby boomers and others seeking a lifestyle in which golf is a major component.  My wife Connie and I own a home in Connecticut (not on a golf course) and a condo at Pawleys Plantation in Pawleys Island, SC, on a Jack Nicklaus layout.  We began our search for our home on the course more than 15 years ago, and the challenges of the search inspired me to research golf communities and write objective reviews of them.

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