Par Excellence Drive Trust LLC bought Legacy Golf Club for $1.5 million — more than $4 million less than what was recorded on the deed submitted to Clark County.
The county auditor rejected the sales price of the Henderson course because it was below 30 percent of the nominal value threshold required by the Nevada Department of Taxation, so documents submitted to the county listed the sale price at $5.6 million.
That was not a trick, however, said Eugene C. Mendiola, assistant recorder for the county. The move cost more in taxes but expedited the July 3 sale.
“This actually happens a lot because when they want something to close quickly and they feel like they can’t get the documents they need right away, they chose to pay a higher transfer tax,” Mendiola said. “They know they can request a refund later.”
To have submitted the actual sales price of $1.5 million, the buyer or seller needed to provide proof that the declared value is correct by showing a signed final closing statement or a signed purchase agreement.
Instead, they went with the county assessor’s taxable value of $5.6 million in order to close the sale.
As a result, a higher transfer tax of $28,985 was paid compared with $7,650.
The buyer or seller (whoever paid the transfer tax) can get a refund of $21,335 within six months of the closing agreement if they can provide the necessary documents, Mendiola said.
Par Excellence Drive Trust LLC closed its purchase of the course July 3 and shut down the clubhouse and course July 4. A person with knowledge of the property’s sale said the new ownership includes Eddie Haddad and Brown & Brown insurance executive vice president Georges Maalouf.
The course was previously owned by the Pacific Life Insurance Co.
The reported sale price is not the only issue surrounding the 177-acre property at 130 Par Excellence Drive.
This month a group of homeowners sued to keep Legacy maintained as a golf club — which is mandated through a deed restriction on the property. A judge granted a temporary restraining order and will appoint a receiver to oversee the implementation of the order in a hearing scheduled for 9 a.m. Tuesday.
A trial is tentatively set for Nov. 13. An exact date is expected to be announced in October.
Contact Sandy Lopez at email@example.com or 702-383-4686. Follow @JournalismSandy on Twitter.