Alexis Stevens of the ATLANTA JOURNAL-CONSTITUTION reports Julius Erving’s first shot at golf course ownership completely missed the green. In 2006, Erving helped secure an $11M loan to purchase an Atlanta-area course.
The golf course, which Erving renamed Celebrity Golf Club International was not worth the $11 million loan Erving assumed, (Erving Lawyer Dorna) Taylor said. Taylor said she believes Erving’s former friend knew the property wouldn’t appraise for the loan amount.
Erving moved to Atlanta in 2008 and went to work trying to turn things around the golf course, Taylor said. But the monthly expenses were too steep based on the actual revenue at the club, she said. He’s now out about $5 million, Taylor said.
We’ll that’s a nightmare. But the real story here isn’t what was reported, but what was left out out the story.
According to Erving’s attorney, Dr. J. had nothing to do with the deal gone wrong. (Surprise!)
Erving wanted to invest, so when a long-time friend told him about the Heritage Golf Club in Tucker, it sounded like the perfect opportunity. Erving’s partner handled all of the details, his attorney Dorna Taylor said. (The AJC is seeking a response from the partner and is not naming him until we get a chance to get his side of the story.)
Now the course is up for foreclosure, Erving’s attorney told the AJC.
“From day one, the business could not support the expenses,” attorney Taylor said.
What Erving didn’t know was that the previous owner’s mortgage on the property was in default, Taylor said.
If you’re going to invest $5M in something, and stake your reputation to it as part of a high profile public endeavor, don’t you think you would do a little due diligence on the project yourself?
Instead, we get Erving’s attorney sloughing the whole thing off on a person the AJC doesn’t even name.
Hopefully we’ll get the rest of the story when Antoine Walker’s cell service is restored at the end of the month.