Wedgefield Plantation’s new owner seeking buyer, assessing other options
The owner of Wedgefield Plantation Country Club in Georgetown continues to seek a buyer for the closed golf course and its many affiliated amenities as it continues to assess its options with the property.
Paramont Capital of Phoenix, Ariz., acquired Wedgefield and two other Grand Strand properties late last year after foreclosing on a defaulted loan to Wedgefield’s former owner, Ray Watts, a real estate developer and owner of Apex Homes who splits time between the areas of Charlotte, N.C., and the Strand.
According to Gary Roberts, who is involved in Wedgefield as vice president of business development for Coldwell Banker Chicora Real Estate, one sales contract for Wedgefield lapsed in the past two weeks and was not extended, and negotiations have begun with a new potential buyer.
Roberts said the lapsed contract involved a local builder and architect, along with an additional investor.
“We’re looking to sell for sure. We’re looking at all options right now,” said Paramont chief financial officer Kevin Wolfe. “We’re kind of testing the waters to see what’s out there and looking at all options. No decisions have been made.”
WE’RE LOOKING TO SELL FOR SURE. WE’RE LOOKING AT ALL OPTIONS RIGHT NOW. WE’RE KIND OF TESTING THE WATERS TO SEE WHAT’S OUT THERE AND LOOKING AT ALL OPTIONS. NO DECISIONS HAVE BEEN MADE.
Paramont Capital chief financial officer Kevin Wolfe
In addition to about 175 acres at Wedgefield, Paramont also acquired through foreclosure about 70 acres at Island Green Country Club in Myrtle Beach that formerly comprised the Dogwood nine, which closed in 2005 to drop the number of holes at Island Green from 27 to 18, and some property at the Sun Colony multifamily housing development near Colonial Charters Golf Club off S.C. 9 in Longs. The Island Green property is zoned for single-family homes.
“It’s tough to say what we’ll do until we complete our due diligence and see what we have in all these locations,” Wolfe said. “It’s the same status on all three.”
Wedgefield’s golf course has been closed since June when Watts said business was too slow in the summer to warrant continued operation. He said he hoped to reopen in the fall, but the course has yet to reopen and is now in disrepair, as there has been no upkeep for several months and damage including downed trees remains from Hurricane Matthew.
Another course Watts owned and closed in June, Island Green Country Club, also remains closed and has been foreclosed on by its lender.
Redevelopment options at Wedgefield are limited. It is part of a Planned Unit Development (PUD) that requires much of the property to remain green space, though not necessarily a golf course. Extensive redevelopment would require rezoning. “We are aware there are development restrictions there,” Wolfe said.
Watts purchased Wedgefield in December 2013 from the Marlowe family, which had acquired it out of bankruptcy.
Wedgefield is a 7,034-yard Porter Gibson and Bob Toski design that opened in 1972 on the site of an old rice plantation. Watts' purchase included a manor house, guest cottage, several buildings including one that contains a snack bar and another that houses the golf pro shop, a swimming pool, maintenance barn, restaurant that seats more than 100, and two tennis courts.
Watts renovated the Manor House but it has been closed since June, and the golf course would require investment before it reopens.
Jacky Walton, president of the Wedgefield Plantation Association of homeowners, said he and several residents have been cutting grass, weeds and bushes on parts of the course to “keep things in a little bit better manner than what they had been at one time,” and residents cleaned up Wedgefield’s entrance following Hurricane Matthew.
“We would still like to see it operated as a golf course from the standpoint of beautification and recreation, that’s what we keep hoping for,” said Walton, who estimates the HOA encompasses about 370 homes, including 69 condos.
WE WOULD STILL LIKE TO SEE IT OPERATED AS A GOLF COURSE FROM THE STANDPOINT OF BEAUTIFICATION AND RECREATION, THAT’S WHAT WE KEEP HOPING FOR.
Wedgefield Plantation Association president Jacky Walton
Walton doesn’t know what support the golf course would receive from residents if it were to reopen. “It goes back to whoever is looking into purchasing it and what they can actually offer the residents,” he said. “The marketing side is what will convince the residents – if they will offer some type of a package.”
Roberts’ father is a Georgetown resident and the two have regularly played Wedgefield for many years.
“I’d love to see somebody take it over and put money back into it and bring it back as a member course and get the members back involved the property,” Roberts said. “We need the local community to support it. The [Georgetown County] planning commission, property owners, HOA and county council – if they all work together we can save Wedgefield, in some form.”
Alan Blondin: 843-626-0284, @alanblondin
