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Tim Martin

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #75 on: September 05, 2020, 08:36:49 AM »
Heading up for a play this weekend. Any recent news from legal actions?

archie_struthers

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #76 on: September 05, 2020, 10:00:03 AM »
 ::) :P




Oops ! Looks like Faxon got caught on this one. Obviously it's within their rights to develop the property the lead up and conversations about restoring seem lame. It certainly would appear that the plan was to buy and flip the property, if what I read is true.


Remember thinking how nice a story it was that Faxon and his group were going to come in to "save" Metacomet.

Tim Martin

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #77 on: September 07, 2020, 06:15:55 AM »
The grapevine says Metacomet could be in it’s final month of operation. It’s still in great shape and a blast to play. Anybody that’s hedging should get over there ASAP.


Tim Martin

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #79 on: September 15, 2020, 09:30:01 PM »
That’s a shame!!!! Had three fun days there this year and might try for one more before they close. :'(

Tommy Williamsen

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #80 on: September 23, 2020, 09:35:06 AM »
Never mind
« Last Edit: September 23, 2020, 09:38:44 AM by Tommy Williamsen »
Where there is no love, put love; there you will find love.
St. John of the Cross

"Deep within your soul-space is a magnificent cathedral where you are sweet beyond telling." Rumi

Cliff Hamm

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #81 on: September 23, 2020, 11:11:30 AM »
https://www.wpri.com/news/local-news/east-bay/developer-we-will-buy-metacomet-next-month-no-matter-what/


The question I have for Mr. Faxon is the money worth destroying your reputation?  He seems to think so, as he destroys, literally, the club he grew up on. 

Tommy Williamsen

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #82 on: September 23, 2020, 11:42:47 PM »
$3,500,000 selling price will buy Brad a lot of golf balls.
Where there is no love, put love; there you will find love.
St. John of the Cross

"Deep within your soul-space is a magnificent cathedral where you are sweet beyond telling." Rumi

Mike Feeney

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #83 on: September 24, 2020, 07:16:56 AM »
While there are ungrateful & greedy "Bad" Faxon's in the world, here's to hoping for more Ben Crenshaw's
https://africanamericangolfersdigest.com/crenshaw-announces-plan-to-redesign-first-desegregated-lions-municipal-golf-course/

Cliff Hamm

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #84 on: September 24, 2020, 08:53:37 AM »
Faxon was very highly thought of in Rhode Island. He and Billy Andrade started the CVS Golf Classic in 1999. It has given over $23 million to local nonprofits. He is involved with Buttonhole, which is a local golf facility dedicated to involving youth in the Providence area in golf.

https://buttonhole.org/

Wikipedia refers to him as one of golfs most generous individuals. This is what makes his actions so puzzling and disappointing.
« Last Edit: September 24, 2020, 09:19:23 AM by Cliff Hamm »

Niall C

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #85 on: September 24, 2020, 09:19:00 AM »
The surprise stems from many of us having an image of BF that was just that, an image: we think, old school style, Rhode Island traditionalist, insightful lover of architecture, with a short-hitter-and-great-putter's appreciation for golden age design. But he's spent his whole adult life playing professional golf -- and he's actually, at this stage, mostly BF the businessman with a good 'brand' to sell. People like that don't save great old golf courses. People like Mike Cirba and Joe Bausch do.   


  The image you paint for Faxon isn't less accurate or truthful. He's one of the good guys. I hardly think he's selling "a good brand" in this case. My guess is Brad was recruited to join the investment group and most likely truly wished to help save the place he grew up playing.


  That said, he was only one of several investment partners and not, I believe, the general partner responsible for making decisions. I'm stupefied that these guys abandoned whatever operational business plan they had this quickly, but capitalizing on some RE development potential was likely their default strategy.


  The only outstanding question is what explicitly was promised to those members who stayed on?


  The golf business, especially 2nd and 3rd tier private clubs, is an undeniably failing one. Especially so when they reside in a competitive environment with a stagnant or shrinking economic and demographic conditions. Those with significant debt are practically doomed. Metacomet, even with wonderful architecture will never be immune from these pressures.


  Mike and Joe are admirably saving a historic and public place, and doing so with a large community and public component. I laude them, but this is a vastly different project. Apples and oranges IMO.


  FWIW, I've been involved on both sides of this coin several times and it's never as clear cut as some here would like to believe. Business is business and historic preservation is rarely possible without subsidies.

I'm coming at this rather late in the day but I wonder what the club members did to protect themselves or at least participate in any upside. For the value to jump from $2.2m to $10.5m in the space of a year, presumably on the back of revised zoning, suggests the members were asleep to that possibility. If they weren't then I presume they would have made a clawback provision as part of the deal ? That said, I do tend to agree that Faxon has been used as the public face to smooth the transaction. No doubt hell be well remunerated but I wonder if he now regrets his participation.

Niall

Mike Feeney

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #86 on: September 24, 2020, 11:42:30 AM »
There is no question...Metacomet membership made several mistakes over the years. But, that created opportunity & was the driving force behind Fax,et al, getting a distressed price.  By parlaying Brad's goodwill, club friendships, image, and restore-my-boyhood-course promises the deep-pocketed Fax Group virtually eliminated the 3 other interested suitors.  Yes, Metacomet members/Board did not protect itself from this "quick flip" scenario -- guilty!
However, the inexpensive purchase made it possible to make, at least, a 3-5 year ethical attempt to live-up to their pledge...restoring/rejuvenating Metacomet.
Now, Fax must explain his role as either an opportunistic shyster or a hoodwinked partner -- he has chose neither.   Golf World/Digest's article https://www.golfdigest.com/story/brad-faxon-saved-his-childhood-club-members-are-now-suing-him-for-fraud-the-curious-case-of-metacomet-golf-club was detailed and balanced and was summed up elegantly...
 "It should be noted Metacomet is named after “Metacom,” a Wampanoag warrior who fought American colonists over indigenous sovereignty. He was noble and feared, and it is estimated a tenth of the American population was lost in what became known as Metacom’s War.But Metacom was ultimately shot and killed by a praying Native named John Alderman. “Alderman” is an English name for “close associate.” Alderman served as counsel to the man he put in the ground. Metacom was betrayed by a fellow Wampanoag."
 
Brad Faxon-Alderman, Metacomet's close associate, take a bow.


Cliff Hamm

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #87 on: September 24, 2020, 12:07:04 PM »
What the members are really guilty of is trusting a “friend” and being naive.  We are unfortunately living in a world where ethical behavior is a rartity.

Tommy Williamsen

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #88 on: September 24, 2020, 12:34:50 PM »
I was a member of a financially distressed club years ago. The members doubled their dues to make the club solvent. Then there was a dues reduction when things got better. Don't know if that would have been possible but it does seem that the membership could have done more to save the club years before it was sold.
Where there is no love, put love; there you will find love.
St. John of the Cross

"Deep within your soul-space is a magnificent cathedral where you are sweet beyond telling." Rumi


Cliff Hamm

  • Karma: +0/-0

Rob Marshall

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #91 on: September 25, 2020, 05:34:58 PM »
Has Faxon commented at all?
If life gives you limes, make margaritas.” Jimmy Buffett

Tim Martin

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #92 on: September 25, 2020, 07:01:55 PM »


Tim Martin

  • Karma: +0/-0

Tommy Williamsen

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #95 on: October 02, 2020, 09:12:05 AM »
I belonged to two clubs that closed. One closed in 1980 and the other in 1975. Another club went from 36 holes to 54 holes back to 36 holes. All the land was sold to developers. It is hard to say goodbye.
Where there is no love, put love; there you will find love.
St. John of the Cross

"Deep within your soul-space is a magnificent cathedral where you are sweet beyond telling." Rumi

Cliff Hamm

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #96 on: October 09, 2020, 08:57:53 PM »
I don't know how much interest there is in the ongoing saga of Metacomet but thought I would post these.  The Keep Metacomet Green group is the epitome of what grass routes activism should be...i am not optimistic that the golf course will ever be again, but quite possibly KMG group will pressure the powers that be, to at least keep it as a green space:




https://www.ecori.org/smart-growth/2020/10/9/marshall-spiting-city-with-tree-cutting?fbclid=IwAR2x8iyJWx2zsv4fGLqMwcpWJLn9NCz4UBr3L7bGhB1gscjHtQK4CdpgKTI

https://www.facebook.com/groups/keepmetacometgreen
« Last Edit: October 09, 2020, 08:59:56 PM by Cliff Hamm »

corey miller

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #97 on: October 10, 2020, 11:41:27 AM »



Enough...


Just eminent domain the place and give it to the people who deserve the community amenity.  Sadly, with the death of RBG the supreme court may be more sympathetic to property rights over the rights of the community and of course the world through the environmental destruction. 

Lou_Duran

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #98 on: October 10, 2020, 12:40:31 PM »



Enough...


Just eminent domain the place and give it to the people who deserve the community amenity.  Sadly, with the death of RBG the supreme court may be more sympathetic to property rights over the rights of the community and of course the world through the environmental destruction.


Note to Mr. Miller- I think that your gca.com account has been hacked.  Or if not, your C-19 cocktail was a bit heavy on the steroids.


The so-called rights of the community are reflected in the zoning on the property.  A new tree ordinance would diminish the owners' property rights while on the surface increasing that of the immediate community.  I've seen clear cutting of sites in advance of surrounding cities creating new laws without grandfathering existing private property owners' rights.


By all means, go the eminent domain route if saving the course in its present use or as open space is in the community's interest.  I suspect that the current owner would be willing to accept a discounted value based on the end price of the site if it was developed as planned based on the current zoning.


I was involved in a similar transaction where I sold a large, upscale apartment property on behalf of a government entity to a private investment group which then improved its economics and made some $4 Million a couple of years later when it resold it to another government entity under the threat of eminent domain.  In this case, the sales were not done to preserve a needed use or for environmentally-motivated open space.   The 30 or so apartment buildings were razed after the second sale for the benefit of the second government entity which, to comply strictly with federal law, had to provide a safety buffer for changes it was making in its area of service.


All this information was known before the first sale took place- I advised against doing it- and the investor group knew that it would have to resell the property in a short period of time.  It just made the bet that the resale price would compensate them for all the trouble.


Might the development group be making a similar bet?  $10-$15 Million for the property and it goes away?  Does the community have the resources to get the deal done?   

Mike Feeney

  • Karma: +0/-0
Re: Faxon among new owners of Metacomet (RI)
« Reply #99 on: January 29, 2021, 04:07:23 PM »
Lou asked, "...do they (the town and/or state) have the resources?"
The answer is very much NO. But politicians (TV coverage video within link below) still trying to make the eminent domain case.  Wouldn't be the 1st time a government institution spent money it doesn't have, I suppose.   State & town are fiscal disasters -- feels like a "Hail, Mary" pass.
https://www.abc6.com/lawmakers-call-on-state-to-help-east-providence-acquire-former-metacomet-golf-club/?fbclid=IwAR1vNk4VSFgLN2FKsSGrrnrY2iNvkbpFbMCMsmMtL8rDHBA2NI8SE-XoBL4

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