VERO BEACH, Fla., May 23, 2021 /PRNewswire/ -- GRAND HARBOR GOLF
& BEACH CLUB, INC., in Vero Beach,
Florida, announced that it had successfully completed two
proxy solicitations of its members and received overwhelming
support for its amended and restated bylaws, the incurrence of a
loan from a major bank to improve and expand its amenities, and a
PPP loan for payroll and operating costs.
Grand Harbor recently was acquired by its members from the prior
owner, a subsidiary of ICAHN ENTERPRISES HOLDINGS, L.P.
(NASDAQ; IEP), in a negotiated turnover. The members of the Club
took over management of the Club's operations and facilities under
threat from IEP's subsidiary to seek bankruptcy to avoid
contractual obligations to the Club. Since the change in ownership,
the Club has hired, among other managers and staff, a new General
Manager, Director of Golf, Head Golf Professional, Head of
Marketing, Club House Manager and Head Agronomist.
As a result of the bylaw amendments, Grand Harbor has
reclassified its membership offerings and is now offering
memberships both within and outside the Grand Harbor
Community. The Club is also offering a new Trial Membership
and new Summer Membership.
The bank loan will fund a capital improvements plan initially
budgeted at $10,000,000. The
first phase of the program, which commenced on April 27th, is the reconstruction of
all of the greens complexes on the Harbor Course. This course,
designed by the legendary Pete Dye,
will be restored to its original design and reopened in the fall of
this year. The balance of the capital plan will be presented
later this year and is expected to address additions such as a new
Wellness Center and Pickleball courts, as well as improvements to
existing facilities. In addition, all ten tennis courts will be
resurfaced in the fall.
The Club also announced that it had filed suit in the
19th Judicial Circuit in and for Indian River County, Florida against the
predecessor owner of the Club and its affiliates, including IEP.
The Club's claims against the defendants include breaches of
contract and of fiduciary duty. The complaint alleges that the
defendants, while controlling all aspects of the Club's operations,
collected all of the capital paid by club members, all dues and all
other revenue but failed to maintain the Club in the manner
required by the agreement between the Defendants and the Club. The
complaint also alleges that the Defendants have failed to live up
to the obligations to the Club contained in the turnover agreement
by which the Club was transferred to member control.
Grand Harbor Golf and Beach Club is located within the Grand
Harbor and Oak Harbor communities in Vero
Beach Florida. Together they comprise a thirty-year-old,
900-acre master-planned development including approximately 1,180
single-family homes and condominiums, three golf courses, two Club
houses, a beach club on the Atlantic Ocean and other amenities.
For further information on this subject please contact General
Manager, Michael Gibson at
mgibson@grandharbor.com or by calling (772) 299-6635.
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SOURCE Grand Harbor