Jump to content


 

Photo

Heritage Golf Club - receiver appointed!


  • Please log in to reply
256 replies to this topic

#151 Dpkin1

Dpkin1

    Suspect

  • Members
  • 4 posts

Posted 23 December 2010 - 01:29 AM

Golf course in receivership = business model fail. how can you see the business model being just fine?

#152 jrg1166

jrg1166

    Advanced Member

  • Members
  • PipPipPip
  • 1329 posts
  • LocationMelbourne

Posted 23 December 2010 - 01:39 AM

Golf course in receivership = business model fail.

how can you see the business model being just fine?

I will save Rapidcat the response, it is not the business model that put it in receivership, as an entity Heritage has been doing fine but it was wrapped up in a number of Ponzi style schemes that went broke and have had the assets liquidated. If you look at the receivership info the Club and course appear to be doing fine but when wrapped with the other investments it was a problem

#153 rapidcat

rapidcat

    Advanced Member

  • Members
  • PipPipPip
  • 119 posts

Posted 24 December 2010 - 12:32 AM

Thanks jrg. To add to your reply, It was the non-legal behaviour of the key Director that motivated ASIC to investigate, force the closure of his investment schemes (50+.. one of which was the Heritage course asset) and to sell-off the assets. The Heritage club has a long-term lease which the courts intend to respect. So some entity will buy the asset, investors will get some of their money back and the Heritage continues as a club insitu. As a club, the Heritage has a healthy trading surplus, plus an attraction to an investor is further land to develop and sell.

#154 bluprint

bluprint

    Advanced Member

  • Members
  • PipPipPip
  • 209 posts

Posted 24 December 2010 - 01:28 AM

Thanks jrg.

To add to your reply, It was the non-legal behaviour of the key Director that motivated ASIC to investigate, force the closure of his investment schemes (50+.. one of which was the Heritage course asset) and to sell-off the assets.

The Heritage club has a long-term lease which the courts intend to respect.

So some entity will buy the asset, investors will get some of their money back and the Heritage continues as a club insitu.

As a club, the Heritage has a healthy trading surplus, plus an attraction to an investor is further land to develop and sell.

I'll clarify my earlier statement to say - pity about the non-legal behaviour of one of the directors to create a shadow on an otherwise attractive club. I know people who are leasing memberships at Heritage and have decided to move to Yerring because of the shadow cast. From what I experienced and what I've heard I understand their actions, however, I'd rather play at Heritage if it was purely down to the golf and factilities.

#155 rapidcat

rapidcat

    Advanced Member

  • Members
  • PipPipPip
  • 119 posts

Posted 24 December 2010 - 02:03 AM

bluprint, the talk amongst Heritage members is that a buyer has been found and the situation should be clarified very soon. It is extremely unlikely that a buyer will be approved who does not intend to continue the operate the club and respect member's rights - the members would take the decision back to court and it will be tied up for years and inbvestors would see no money soon. I was a member between late 90's to 2005, sold my membership (young family and no time to play golf) and have re-joined by leasing a membership just until the ownership issue is settled - then I will buy a membership. Anyway, there are a small number of leases still available through the club so I guess you could always lease, see if you like the club whilst the ownership situation gets sorted. I played on the St.John late yesterday - beautiful late afternoon/evening, its truly God's country there.

#156 Russssssssssssssssssssssss

Russssssssssssssssssssssss

    Advanced Member

  • Members
  • PipPipPip
  • 2952 posts
  • LocationMelbourne

Posted 24 December 2010 - 02:17 AM

Hi Rapidcat, is it possible for non members to play there?

#157 rapidcat

rapidcat

    Advanced Member

  • Members
  • PipPipPip
  • 119 posts

Posted 24 December 2010 - 04:03 AM

Russ, you can play if you stay at the Sebel hotel which is part of the complex. This gives you course access as a hotel guess. Aside from that, the odd corporate day and member's guests, it is only available for members.

#158 Russssssssssssssssssssssss

Russssssssssssssssssssssss

    Advanced Member

  • Members
  • PipPipPip
  • 2952 posts
  • LocationMelbourne

Posted 24 December 2010 - 04:39 AM

Cool, I missed the House of Golf day earlier in the year. Have always wanted to play there. Might have to stay in the hotel and have a go that way. cheers.

#159 Takeitasread

Takeitasread

    Advanced Member

  • Members
  • PipPipPip
  • 498 posts

Posted 24 December 2010 - 05:49 PM

Just ring the club and say you are thinking about joining and they will get you a game for sure.

#160 _anon_

_anon_

    Advanced Member

  • Members
  • PipPipPip
  • 3251 posts

Posted 24 December 2010 - 05:52 PM

But that would be lying. Don't lie, it's bad for the soul.

#161 ellimb

ellimb

    Advanced Member

  • Members
  • PipPipPip
  • 1622 posts

Posted 25 December 2010 - 06:38 AM

I can arrange for 3 or 4 to play using a corporate membership. $89.00.

#162 Russssssssssssssssssssssss

Russssssssssssssssssssssss

    Advanced Member

  • Members
  • PipPipPip
  • 2952 posts
  • LocationMelbourne

Posted 26 December 2010 - 02:03 AM

Hi ellImb, might have to take you up on that offer. Wonder if any one else is keen.

#163 rapidcat

rapidcat

    Advanced Member

  • Members
  • PipPipPip
  • 119 posts

Posted 29 December 2010 - 07:56 PM

Latest news from KPMG (Receivers): The Receivers are engaging in final discussions with shortlisted parties. One of the assets of Glenbelle Project is the Management Lot associated with the Sebel Heritage Yarra Valley (being Lot L34 on plan of subdivision PS415064K). The Receivers have now determined that the Management Lot is to be realised by way of public auction which is to be held in early February 2011. Further information will be provided when it is appropriate to do so. Approval of the Court will be required for the sale. So the course assets are close to being sold and the Sebel hotel will be sold off separately

#164 notenoghtime

notenoghtime

    Suspect

  • Members
  • 9 posts

Posted 30 December 2010 - 02:20 AM

See today's Age page 12 business/sport section Knight Frank have auction scheduled for Feb 3. Restaurant & Bar & Meeting/Function Rooms.

#165 thebarfly

thebarfly

    Newbie

  • Members
  • Pip
  • 16 posts

Posted 12 January 2011 - 01:40 AM

The latest buzz is that the Club, other than a management lot, has allegedly been sold to a syndicate involving club members and allegedly a member called Richard Ellis from Ellis Residential Care and Ellfam Nominees fame or shame?




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users