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Developer with 'controlling interest' in KGL denies that 'grand' plans have failed
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'Grand' plans are well on the way

Rosemary Dewar, The Citizen, 6 October 2006 - extract

Reports that the American multi-million pound redevelopment of a famous golfing landmark, overlooking the Old Course in St Andrews, had gone belly up have been strenuously denied.

As the celebrity pro-am Alfred Dunhill Links Championship got under way over the the Old Course, Kingsbarns and Carnoustie, this week, there were reports that the 'St Andrews Grand' redevelopment of the red sandstone former university residence, Hamilton Hall in Golf Place, was in trouble.

The final deal, between Rhode Island-based company Wasserman Real Estate Capital and St Andrews University, was completed in September with £84.3 million financing from the Bank of Scotland.

The bank's corporate service refused to comment on the reports when approached by the Citizen this week, but Wasserman said there was no truth in the rumours that the project was in financial trouble.

Last year, the company confirmed it had taken "a controlling interest" in Kingsbarns Golf Course which would give preferential access and pricing at the prestigious links course to members of 'St Andrews Grand,' an exclusive membership club being developed in the former university residence.

The club will offer 23 luxury three and four-bedroom flats, costing from between £750,000 to £1.9 million, for nine weeks of the year.

Current 'Masters' champion, Phil Mickelson is a founding member.

Wasserman boss, David Wasserman, was in St Andrews himself this week, partnering England golfer Benn Barman in the Dunhill event. .........

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