Developer Mulpha has rejected claims that buying parts of a golf course of which it is a major shareholder is a conspiracy.
The prestigious Sanctuary Cove Golf and Country Club sold off chunks of land and property to Mulpha for $8 million to make up for the mass walk out of 250 members, resulting in a $1.5 million annual loss.
However as Mulpha, who also owns the whole of Sanctuary Cove, is a major shareholder, the sale caused unrest among members doubting Mulpha’s intentions.
Mulpha general manager Stephen Anderson said it was the decision of the member elected board to sell the land to Mulpha.
He said Mulpha do not have plans to develop on the land and they did not vote on the outcome.
“They (the board) said ‘We’ll sell the country club and some surface land parcels — which are very small — to Mulpha’,” Mr Anderson said.
“And all we’ll be doing is adding it to existing parcels to decrease density and spread out the blocks.
“There’s no extra lots, there’s no extra money associated with sticking more houses on it — Sanctuary Cove has a fixed amount of houses.
“We had a period of due diligence where we investigated all of the information we needed to make a decision.
“We took it to the members at an information night.
“That went to a vote of all shareholders in May. We attended but we did not vote.”
“It’s a great outcome for a bit of land that’s not used.
“It’s all been above board. It’s all been open. There is nothing hidden.
“I would reject anyone saying it’s a conspiracy theory.
“We didn’t need the land, but we weren’t going to lend the money to them, we weren’t going to give it to them.
“We had to come up with some way of doing it and if we put a loan against it, that wouldn’t have had as good of an outcome for us, for the club or for the community.”
Source, Images & More: https://www.goldcoastbulletin.com.au/