Members of the Quentin Riding Club will hold a meeting tomorrow evening regarding the future of the club’s property.
The Quentin Riding Club has been closed since last fall when the organization succumbed to mounting financial difficulties.
Earlier this year, it appeared as though sale of the iconic landmark on the corner of Routes 72 and 117 in Quentin was imminent, however, now it seems that the deal is off.
Club President Greg Shaffer said that the board would hold a members meeting tomorrow to discuss next steps. The meeting is not open to the public.
It is the first members meeting since the one in December when the club voted to pursue a sale to the still-unidentified group of investors. At the time, Shaffer said that the individuals involved with the group had all achieved success in equestrian related endeavors, and “each of them has either shown at Quentin or trained others at Quentin.” The group has been represented publicly by Alisa Pitt in a spokesperson role.
Although the Pitt group’s price was lower than other offers, Shaffer previously said that the club had a greater willingness to work with them given their equestrian commitment and promise to not develop the corner.
Pitt had previously said that the investors were local to the community and did not have intentions of remaining anonymous permanently, but it is not clear if their identities will ever be revealed at this point.
LebTown has been in contact with Pitt over recent months and for a period it seemed that the group was still interested in purchasing the property despite a series of financial hurdles that have increased the property’s cost.
Despite the accumulated debt that would accompany a purchase, Pitt had previously been confident that the investors were unfazed by the increased price and had every intention of making good with those who are owed money.
“We allocated a significant amount more than the number we had originally given, so there’s no case where we wouldn’t be interested in this transaction,” she said.
The club’s debt load as reflected in public records would have only increased in recent months as the sale process stalled. It is not clear what the total amount of debt held by the club is currently, nor what kind of timeline it might face with respect to foreclosure.
According to Shaffer, the purchase fell through due to lack of financing.
“As far as the plan that was previously approved, the group that Ms Pitt represented were told they needed to move quickly as the debts were acquiring interest rapidly,” said Shaffer in a text to LebTown. “By the time they were approved funding, the interest exceeded their loan amount. That and the bank would not carry the loan with the deed restriction that ensured them the deal.”
Davis Shaver contributed reporting to this article.
Could someone tell me the asking price of the riding club?