Earlier
today, Black Diamond Properties, Inc., and its assets were acquired by
Escalante Golf. Tomorrow morning Escalante’s
representatives will arrive to
speak with the staff and begin to manage operations of the Club and the Black
Diamond Project.
They have advised us that they will arrange meetings with the
Member Advisory Committee (MAC) and residents, as soon as
possible.
Escalante Golf operates and owns luxury
golf properties nationwide, including golf communities in California, Colorado,
Florida, Ohio and Indiana. Operating partners David McDonald, Elcio Silva,
Robert Silva and David Matheson direct the
Escalante team with corporate
offices in Fort Worth, Texas. Some of their clubs include the Country
Club of the North in
Beavercreek, Ohio; The Raven at Three Peaks in
Silverthorne, Colorado; and The Crosby National in Rancho Santa Fe,
California.
Escalante
Golf became very interested in Black Diamond last summer after I announced my
retirement. They were excited
about Black Diamond from the beginning. We
determined that they were the type of investor with the financial wherewithal
and vision to complete the development of Black Diamond that we were seeking.
After both sides completed a period of
investigation and evaluation, they
expressed a willingness to step into our shoes and take over the operations of
the
development. We are delighted to introduce them and their experienced staff
to the Black Diamond community.
We know that some of you believed that a
financial restructuring would be necessary in order to transfer ownership to
a
qualified buyer. However, this was avoided, as was always our intention.
Our mutual agreements with Escalante to maintain confidentiality did not allow either group to share the details of the
negotiations with the MAC, other members of the Club or the residents and do not allow either group to now discuss or
disclose the terms of the final transaction. However, we can report that no changes to the existing Club documents were
required. Notwithstanding the sale, we will continue to defend the pending litigation to its conclusion. As we are certain
you agree, that litigation has significantly hurt not only Black Diamond Properties, but every resident in Black Diamond
through its adverse affect on home values and the ability to make sales. We are hoping that the litigation will be resolved
soon, so that the terrible burden it has imposed on you and the development can be lifted.
While
I am happy to be enjoying my retirement, I will miss the opportunity to work
with some new great people who are
committed to enhancing the best golf
community in the Southeast. These last few years have been difficult, but I am
firmly
convinced that with Escalante as the new owner, the economy starting to
turn around, and much of the litigation behind us,
the future looks very bright
for Black Diamond.
Betty
and I want to take this opportunity to thank our outstanding staff. Their
commitment and hard work, especially during
these recent years, has made Black
Diamond a great place to live and play golf.
A
sincere thank you to the many members who have been supportive of what we have
been working to create over these
past 24 years. Black Diamond is a truly
unique place. Living and enjoying life here, we often forget this. Working with
Escalante these past months has constantly reminded us that Black Diamond is
very special.
So
I leave Black Diamond in the good hands of Escalante Golf and our great
members. Betty and I are grateful to those
who have worked and lived in this
wonderful community with us for so many years.
Stan
Olsen
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