While the selected potential developer, New Urban West of Santa Monica, does their due diligence and continues to speak with and listen to the desires of the Escondido Country Club neighborhood, and to analyze the potential for some sort of redevelopment of the now fallow golf course, another golf course property soap opera is unfolding in Fallbrook.
The First National Bank of Denver, who has been holding the note on the golf course property recently announced that the note had been sold to D-Day Capital, LLC. After a few days of confusion, including a wine and dine trip to Beverly Hills for the current golf course business owner, Jack Lamberson, and some intense negotiations with competing suitor Harold Vaubel, the title to the land is now in the hands of Ron Richards.
Yes, the same guy who has been heavily involved in the transfer of ownership and the rezoning of the ECC property, via Stuck In The Rough LLC.
As I understand it, the Fallbrook Golf Club business owner (Lamberson) is still negotiating with Vaubel to sell the assets of the golf business, and then Vaubel will be obligated to make the loan payments to Richard's company D-Day Capital, LLC. Vaubel, along with some financial partners, says he intends to rebuild the golf business, return the iconic course and restaurant to its place in the community, which for decades was a popular dining room, special events venue, and challenging oak tree lined eighteen hole tract.
There are many legal ramifications, however, and the intrigue continues, though it is obvious what Richards ultimately wants, and that is to control the property, end the golf business, rezone it, and sell it off at a much higher price than he paid for the heavily discounted note, preferably to a home builder. So even if Vaubel is successful closing the sale of the assets, he will be working under a lender who is hostile to his success.
In the meantime, the sleepy, rural, and diverse Fallbrook community holds it's collective breath, waiting to see if the bulls from Beverly Hills will be successful in turning yet another troubled golf course into a financial feeding ground for themselves.
What Happened to Our Community?
The story of how a quiet corner of paradise has devolved into
To review the timelines of this ongoing saga, just <click> on any Month below....
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