“The cash is sitting in a bank waiting to be wired. We just need a payoff amount.”
Those comments were made Nov. 8 by Jade Work, who, along with his wife, Julie, have been trying to complete the purchase of Fallbrook Golf Club for several weeks.
The Works, as Gird Valley, Inc., want to buy the 116-acre property from Jack Lamberson but escrow proceedings have been held up in court. Lamberson was behind in his payments to Ronald Richards’ D-Day Capital, LLC, owner of the notes on the property, and that prompted D-Day to have its trustee, Chicago Title Company, serve Lamberson with a notice of default on Sept. 1.
The Works reached a deal with Lamberson and have been ready for weeks to pay off all balances owed, but as of Nov. 8 were still waiting for a final, legitimate payoff demand statement from Richards.
Jade Work said he received a pair of payoff amount statements from Richards that couldn’t be used. Last month, he received a “draft” payoff amount statement with no signature on it. At 11:29 a.m. Nov. 8, he received a signed payoff amount statement that expired Nov. 4 – four days before he received it.
“It’s beyond frustrating,” said Work. “I want to payoff a bill and I can’t get an amount.”
The parties involved in the deal – the Works, Lamberson and Richards – and their lawyers twice met in front of Vista Superior Court Judge Earl H. Maas III in October.
“If this isn’t settled by next week, we’ll go back to court,” said Jade Work on Nov. 8.
The Works are longtime Fallbrook residents who have committed to putting the property into a conservation easement, which will protect it from ever being developed. Richards is a Beverly Hills-based attorney who has a history of working with developers.
Residents of the Gird Valley, many of whom belong to the organization SaveFallbrookGolfCourse.com, have voiced great support for the Works. Officials from the Fallbrook Land Conservancy are also hopeful the Works gain ownership.
“We were very happy to hear about their plans for conservation
easements,” said Will Shakespeare, vice chair of Fallbrook Land Conservancy. “We are ready to offer any help or advice regarding the various options they have for the property.”