Greenbrier Sporting Club up for sale to satisfy Carter Bank debt

By Stephen Baldwin, RealWV

A detailed legal ad was published Tuesday, providing notice that the Greenbrier Sporting Club will be sold to, at least partially, satisfy a $300 million debt owed by James C. Justice Companies to Carter Bank & Trust. 

Carter’s intention is to sell the entirety of the Sporting Club to the highest bidder, as the specific lots listed in the legal ad describe both lots and common areas such as the golf course. 

Two weeks ago, in a filing with the Securities and Exchange Commission, Carter Bank told shareholders it planned to “pursue aggressively all remedies afforded it to collect all amounts due and owing by the Justice Entities.” Today’s legal notice appears to be the first step. 

According to the West Virginia Secretary of State’s office, “The Greenbrier Sporting Club Development Company” is an LLC under officers James Justice III, Jillean Justice, James Miller, Adam Long, and Stephen Ball.

What is The Greenbrier Sporting Club?

Photo by The Greenbrier Sporting Club.

The Greenbrier Sporting Club is a private equity club where members own real estate privately and common property such as a lodge, golf course, and pool together. It was constructed on property near The Greenbrier Hotel that used to be an airport. 

Ted Kleisner, former President of The Greenbrier, announced the new real estate venture in 2000, and it has boomed ever since with residents from across the globe buying homes and property in the exclusive community. 

Residents have become highly-involved in the community as well, organizing flood relief efforts, opening new businesses, and supporting local charities. Now, they’re expressing concern about the future.

“There’s been lots of grumbling,” says one member who spoke on condition of anonymity due to fears of reprisal for speaking on the record. “We’ve heard that Justice pledged the common properties as collateral, but we own the common properties. There’s real concern about how this will all be sorted out.” 

While members contend that they own the common areas and the majority of the club, rather than Justice’s Development Company, the legal ad lists certain lots for sale. These lots include the lodge and golf course, for example.

According to the ad, the highest bidder will be awarded the properties and 10% will be due within 30 days. Carter may cancel the sale, though, if they believe bids are inadequate. They may also delay the sale. Justice Entities, or club member, are also entitled to bid at the sale. 

Stay tuned to RealWV for updates.

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