In order to keep the ball on the “fairways” and not in the “rough,” here is my green light idea. In the purchase contract to Pulte, stipulate the following conditions: The proceeds from the sale of the Lakes Golf Course shall be allocated as follows: First, the original purchase price of the property (based on recorded data) goes to Mr. [Wilson] Gee. That step would keep him whole. Second, the balance after repayment of the original purchase price would be divided as follows: a portion of the balance based on the CPI change from when Gee purchased the property to current date is given to him (say 15 percent but based on hard data) and as bonus for “being easy to do business with,” an additional 5 percent.
Now here is a “back-of-the-scorecard” hypothetical example at the 19th hole. Say Pulte purchases the property for $7 million and the original purchase price by Mr. Gee was $4 million, that would leave $3 million. Now assuming the CPI change in the period of time was 15 percent and the bonus factor was 5 percent, that would equate to 20 percent. So of the $3 million, Mr. Gee would get $600,000, and the balance of $2.4 million would be equally divided among about 250 homeowners that directly abut the Lakes Golf Course — approximately $10,000 each.
Now this is a win-win (birdie) for all parties directly involved in this process.
ABM homeowner and golf enthusiast