Land and improvements associated with the Linville Falls Mountain Club (formerly the Blue Ridge Country Club in North Cove) have a new owner. Foreclosure forced an auction sale of the distressed club Tuesday on the lawn of the McDowell County Courthouse.
The previous owners, Coastal Ventures, LLC, failed in its efforts to restructure its debt. In the past year, Coastal Venture's management has caused considerable dissatisfaction among homeowners and club members at the luxury retreat located in northern McDowell County.
The property was bought at auction in three parcels by two firms: Diversified Lending Group Inc. of Charlotte and ReProp Financial Mortgage Investors, LLC of Eureka, Calif.
Two bids of $750,000 each were accepted. Another parcel was sold to both companies in a 50/50 split for $1.25 million.
The sales are not final. Upset bids will be accepted until Friday, Dec. 4.
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Former Blue Ridge Country Club sold on courthouse lawn
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McDowell News
Published: November 24, 2009
Published: November 24, 2009
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