The sale of the Balboa Bay Club and Resort and the Newport Beach Country Club to a wealthy Chinese investor has been called off, the Orange County Business Journal reported citing “sources familiar with the transaction.”
Chinese billionaire Winston Chung apparently was unable to provide the funds for closing the deal, the newspaper said. International Bay Club Inc., which owns the country club and the harbor-front hotel, apartment and yacht center., called off the transaction.
Sources say that Chung’s difficulty getting money out of China was a problem not just for the bay club deal but also for his reported interest in buying the waterfront house formerly owned by actor Nicolas Cage, once Orange County’s highest-price residence. The International Bay Club announced in August that a deal had been struck to sell the properties to Chung
The transaction had been expected to close by this past fall.
Chung is a battery inventor on principal owner of a Chinese energy company who had been buying up companies around Southern California. During a recent news conference, he announced plans to build a Southern California plant to build a fleet of electric-powered cars, trucks, boats and recreational vehicles.
Chung told a recent news conference that he was developing technology that would allow the batteries of an electric car to be charged in five minutes, then run for 1,000 miles.
The Balboa Bay Club, originally built in 1948, is 10 years into a 50-year land lease with the city.
The Balboa Bay Club sits on 15 acres of waterfront along Pacific Coast Highway’s “Mariner’s Mile.” It features a private club, a marina, a conference and banquet center, a 160-room hotel and 145 apartments.
The International Bay Clubs purchased the 50-year-old Newport Country Club in 1985. The club features an 18-hole golf course with a clubhouse and other facilities.
The firm has been operated by Beverly Ray Parkhurst since the death of her husband, William Ray, in 1991.
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January 26th, 2012 at 10:04 pm
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