After 10 years, when National Investments went bankrupt, Mountain Harbour, (formerly the Ridges) is owned by the residents and is debt free.
Our story begins in 2009 when National Investments declares bankruptcy and the Bank (Wachovia, now Wells Fargo) took over the property with a debt of approximately $35 Million. WF decided to close the golf course and the residents stepped in with the “Save our grasses” program to maintain the course. WF was so impressed that they decided to take back Management of the course. Their efforts were not effective and in 2014 they decided to close the course and get out from responsibility of the Ridges.
The Ridges property owners decided to try to purchase all of WF interests and that year reached an agreement to purchase all the assets (including the golf club house!) for $1,500,000 with a non interest payout plan.
The Property Owners Association then became responsible for the golf course. There were challenges and course conditions deteriorated and our Community reputation faltered. In late 2018 the POA hired Randy Vaughn to manage the course. Today the course is in the best condition ever and we are regaining our reputation in the Community.
In November 2019 the POA negotiated with WF to write off all remaining debt and also for WF to provide additional funds for specific road improvements.
So now, after 10 challenging years, the residential community and the golf course are debt free, the Bank no longer has any interest in the property, the POA has engaged contractors to make major repairs to the Lower Grandview road problem as well as the Pinnacle area, the course is in beautiful condition, and our market reputation is rapidly improving. Since the signing of the agreement, plans for three new homes have been submitted for approval.
We are excited to be moving forward, both in our residential opportunities and the golf course as part of the Hayesville Community.