Approval of the Sale
This Article was written By Page Miller
Approval of the Sale
The rationale for the sale was offered to the stockholders of the Fripp Island Resort in an unsigned memorandum. The document asserted that because all the ongoing conflict between the three separate corporations the resort, the inn and the golf club development on the island was at a virtual stalemate. Additionally, the golf course was in extremely poor condition and had no clubhouse, but the resort did not have sufficient capital to purchase the property. Thus the memo strongly recommended that the stockholders accept the offer from the coalition of savings and loans. Our alternative would be running the risk all a possible forced sale of the island in the near future in which event and assets would probably bring only a fraction of their true value. Fripp Island Real Estate
On July 26, 1972, stockholders Fripp Resort Lodging, Inc., which owns the inn, met and agreed to accept the savings and loans offer on $1.2 million for the land and buildings. Two days later on July 28, stockholders on the Fripp Island Resort, met and approve an offer all $850,000 for their entire assets, which include all of the lots that had not been purchase as well as all the undeveloped land, approximately half on the island. The members of the country club also met that day and agreed to the price of $325,000 for the golf course. The package deal also included the bridge that connected Fripp and Hunting Islands.
For many Fripp island property owners, the sale price for the country club was a bitter pill to swallow. Some individuals were even ready to go to the bank and make sizable contributions towards the effort keeping the golf course in the hands on the homeowners. Yet George Douglass, the present all the homeowners association, argued that the money that could be raised would be insufficient and that selling the course was the only realistic option. As a private entity, without the support of the resort, the country club had not found a viable way for handling the debt and maintenance of the course. Fripp island home and lot owners, who had paid $1000 and $1500 just a few years earlier for certificates of membership in the Fripp Island Country Club, were dismayed to learn that was all debts have been paid, the redemption of membership certificates realized only about $200. However, as one resident pointed out, they had paid no dues and thus had three years of unlimited golf at no extra charge.
Fripp Island Real Estate