WILMINGTON, NC - April 1, 2010 - Few could match the magic basketball Hall
of Famer Julius Erving put forth on the hardwood, yet his magic with the
golf course management has yet to be seen. The Georgia golf facility he is
a partner in now sits in foreclosure.
For years Doctor J wanted to get involved in golf course ownership and
management and when that opportunity came about back in 2008, Erving joined
forces with a "former" friend of his, purchasing an Atlanta area facility
already reeling in financial trouble.
The two purchased the former Heritage Golf Club in Tucker, Georgia for a
reported price tag of $11 million and renamed the course the Celebrity Golf
Club International. The former Heritage opened for play back in 1996 and at
the time was nominated as one of the top ten best new courses in America by
Golf Digest Magazine. Listed as a 27-hole facility a combination of the any
of the three nines can play to nearly 6900 yards and features a slope of
146. Although it is heralded as one of Georgia's best layouts, the
facility always struggled to make ends meet financially.
If you look at the numbers its easy to see why.
With an average rack rate of about $57.00 a round Celebrity would
have to turn about 45,000 rounds a year just to service the debt, pay
salaries, utilities, and course maintenance. A rough road to ride down,
given today's economy and the fact that there are just too many golf
courses in America and not enough golfers to fill up all those tee sheets.
The Atlanta Journal Constitution reported that Erving has put nearly $5
million of his own money into the property and the current appraised value
is only $2 million. Talk about being upside down on an investment! A
spokesperson for the former NBA star says he will never recoup his money.
For Doctor J's part he says he's not giving up and still plans on
developing a group of golf facilities around the world. As for the
Celebrity Golf Club, it has yet to been seen if the bank holding the
mortgage on the property is willing to work out a deal with Erving to
restructure the property's debt.
