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!) Read more…