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class A golf, tennis and social membership or class A
golf and social membership if the subscriber becomes
the owner of a lot or unit and a resident of Ridgemark
Estates within the five year term and pays the excess
of the membership initiation fee over the $4,000.00
subscription price.
The corporate minutes reflect that the board of directors
considered the further expansion of the golf facility and other
related activities, such as the purchase of 10 gasoline-powered
golf carts. The board also explored the possibility of future
development of all the remaining land south of Airline Highway.
Ridgemark’s engineer estimated that approximately 300 lots would
be produced at an average net sale price of $60,000, which would
produce gross profits of $18 million. An additional $9 million
could be produced by selling the lots improved with houses.
In the same meeting, the board of directors also authorized
Paullus to have preliminary discussions with representatives of
potential purchasers regarding the sale of Ridgemark. By that
time, certain Ridgemark shareholders sought to dispose of their
shares. Paullus desired to be relieved of the responsibilities
involved in the management of Ridgemark Golf and Country Club.
He also sought to liquidate Ridgemark’s assets in order to expand
into a new venture, the proposed Paicines project.
On February 23, 1988, the corporate minutes reflected the
fact that the tentative map for the unit 10 property, comprising
164 lots, had been filed with the San Benito County Planning
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