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Kinloch golf course membership dispute to be aired tomorrow

Section owners at Taupo’s Kinloch Golf Resort, who had their lifetime golf memberships revoked two weeks ago, are meeting the course’s new owner tomorrow to plead their case.

The meeting is being organised by real estate firm Bayleys, which sold some of the affected sections.

It will include an overview of the new owner Coromandel Investment Trustees’ “ongoing operation of the golf course and proposed strategy for development of the project.”

“We request section owners attend in a positive and reasonable manner,” a letter to owners says.

Titles in “The Fairways” subdivision, which is adjacent to the greens of the Jack Nicklaus-endorsed Kinloch Golf Resort course, were marketed as including a free “Kinloch Club” membership worth $25,000.

But in early November, owners received a brief letter from the golf course’s owner Coromandel Investment Trustees, which bought the resort in a mortgagee sale in July.

“Due to the unfortunate circumstances of a mortgagee sale of the remaining sections within The Fairways subdivision, we wish to bring to your attention that ownership within The Fairways subdivision does not entitle the owner to free golf at The Kinloch Club,” it said.

“We welcome your patronage to The Kinloch Club as a green fee paying guest.”

The green fees at Kinloch for a local player are $175 per round from December until April, and $160 in the low season.

Owners, including a family that poured $1.7 million into Blue Chip, were furious at the change.

Coromandel Investment Trustees is backed by a company owned by the Rich List van den Brink family, and Hanover Finance, which instigated the original mortgagee sale of the course.

More by by Sarah McDonald

Comments and questions
3

I see...Hanover instigated the mortgagee sale to recover its funds and then revoked the golf memberships. I originally sided with the Coromandel Investment Trustees, but now the connections are revealed, it is obvious Hanover is doing a round house slap in the face on the residents in the subdivision. Hope they keep their memberships as this absolutely wreaks of corporate greed and stepping on those less powerful!

wouldnt it be nice to open up the books of hanover and see the true story of the money go round. I feel investors will be tricked again
and surely receivership is better than getting burnt again by the same team .

this is nz enron and receivership is the only way so that the answers to fraud and deception can be met with the seizure of all assets from the owners so the true value can be cashed up over time. This is a real joke and who would ever lesson to them again or trust them