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Real Estate - Commercial

McConnell Golf Of Raleigh Acquires Porters Neck Country Club

By Cece Nunn, posted Sep 1, 2020
Porters Neck Country Club is now part of Raleigh-based McConnell Golf's portfolio. (File photo)
Raleigh-based McConnell Golf is the new owner of Porters Neck Country Club after a $4 million transaction that closed Monday.

The change in ownership was the result of a Chapter 11 bankruptcy plan filed last year by Porters Neck Country Club Inc. 

The northern New Hanover County property includes an 18-hole golf course, a clubhouse, a driving range, tennis courts, swimming pools and other amenities. 

Some of the issues leading up to the bankruptcy filing included hurricane damage, frequent flooding, litigation with the club developer since 2014 and having its membership initiation fees retained by the developer, according to a letter last year sent to members.

For example, Hurricane Florence in 2018 left the club with $7.5 million in losses. 

According to a 2018 IRS database, Porters Neck Country Club reported it had more than $10.7 million in assets, nearly $5 million in income and $4.78 million in revenue at the time of the IRS filing.
 
In a notice to members dated Aug. 18 of this year, club general manager Jason Seehafer stated, "This week, the United States Bankruptcy Court for the Eastern District of North Carolina officially approved the motion for the private sale of real and personal property as filed by the club.  . . . This is a historic milestone for the club, and I know you are looking forward to a new beginning."

McConnell Golf announced in May last year that it had entered into a partnership with Porters Neck Country Club to manage the club.

McConnell Golf Chief Operating Officer Christian Anastasiadis said Tuesday he could not talk about the club's bankruptcy proceedings. But he did explain why McConnell officials felt Porters Neck Country Club was a worthwhile acquisition. 

“I think it's a fantastic property; it's a strategic fit for our portfolio. It tremendously enhances the opportunities to play McConnell Golf properties within the Carolinas,” Anastasiadis said.

It’s one of 15 golf properties McConnell now owns and/or manages in North and South Carolina and Tennessee, “and it will be the third one on the coast," he said.

He said Porters Neck members now have access to other McConnell Golf properties.

Seehafer also said in the notice, "I personally can’t tell you how relieved we all are of this ruling, as it will ensure a bright future for the members of the club. I want to take the opportunity to recognize the Board of Trustees and all volunteers that have worked very hard and long hours."

Check back later for more details on this developing story.
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