Published Feb. 9, 2012
The Cliffs Club & Hospitality Group Inc., which owns the Cliffs Communities golf courses and associated amenities, said assets are being sold to the Carlile Group.
In a letter to members, the group’s board said Carlile Group’s offer was “selected after months of negotiations, analysis and deliberations.”
“The board unanimously agrees that the Carlile Group has the strongest plan for the future of our clubs with terms that address the interests of the creditors fairly,” the letter states.
The Cliffs Communities developed by Upstate native Jim Anthony were hit hard by the recession as sales stalled and banks quit lending on lots. In 2010, he partnered with community residents to raise at least $60 million from club members to fund development of courses and amenities at the Cliffs at Mountain Park in South Carolina and the Cliffs at High Carolina near Asheville. The hope was that the finished amenities would boost lot sales.
High Carolina was to feature the first U.S. coursed designed by Tiger Woods, but the future of that project is in limbo. Mountain Park is to have a Gary Player course, but it’s also unclear where that project stands.
Anthony’s developments also include Cliffs at Glassy, Cliffs at Keowee and Cliffs Valley in South Carolina and Cliffs at Walnut Cove in North Carolina.
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