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'Opportunity fund manager' David Wasserman dumps stake in Kingsbarns
Golf Links - so much for the 'Grand'
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Businessman resigns from golf firm
Gordon Berry, The Courier, 16 August 2008
The US businessman who has run into controversy over the
condition of Hamilton Hall in St Andrews has parted company with his partner in
a separate but highly prominent local golf related business.
It was yesterday announced that David Wasserman, who runs
Wasserman Real Estate Capital, has resigned from all involvement with
Kingsbarns Golf Links.
The news came from Kingsbarns Golf Links general manager
Stuart McEwen, who announced "the redemption of all shares previously owned by
the Wasserman interests related to Wasserman Real Estate Capital."
He said Art Dunkley, cofounder and director since 1997, is
now sole owner of Kingsbarns Golf Links' parent company.
"Mr Dunkley is committed to further investment in support
of continued success of the world-renowned links course, a venue for the
Dunhill Links Championship and local final qualifying for the Open Championship
in 2010," he said.
Mr Wasserman bought into Kingsbarns Golf Links after the
other original partner, Mark Parsinen, decided to come out of the venture.
Mr Parsinen had previously been involved in the development
of Granite Bay Golf Club in Sacramento, California.
Since its opening, the Kingsbarns course has gone on to
become one of the most acclaimed in Scotland, and regularly features among
lists of the world's top golfing destinations.
It is the final course in a series which now runs along the
coastline from St Andrews, starting with the links trust's new Castle Course,
and continuing with the two adjacent Fairmont St Andrews courses.
Mr Wasserman has run into strong local criticism over the
decaying condition of Hamilton Hall - the former university hall of residence
next to the Old Course - which he wants to convert into over 20 exclusive
multi-million pound residences aimed at the tourism market.
Questions over the viability of the Hamilton Hall plans -
known as St Andrews Grand - have been raised ever since the time of planning
permission being granted.
These resurfaced again recently in light of the global
economic situation and the credit crunch.
Mr Wasserman, however, still maintains that the Hamilton
Hall project will move forward.
He had previously been quoted as saying that there was a
"synergy" between Kingsbarns and St Andrews Grand. more
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