Bear Creek Golf Club in Strathroy is one of Robert Vanier’s former assets. The new owner, Santo Carino of North York, says he plans to add improvements to the venerable facility. (CHIP MARTIN, The London Free Press)
Another former asset of Onco Petroleum pitchman Robert Vanier has been sold.
Bear Creek Golf Club in Strathroy was sold to a North York man for $1.65 million under power of sale by mortgage holder Libro Financial.
Libro held a $2-million mortage on the property that was sold Nov. 16, according to public land titles records.
The sale consisted of $550,000 in cash with Libro taking back a mortgage on the balance.
The buyer is indicated as Santo Carino, agent for Bear Creek Golf and Country Club Inc. The same residential address in North York is listed for Carino and the company.
Carino told The Free Press he plans to update the property, including the pro shop and banquet facilities.
“We’re planning to improve the golf course.”
Carino said he and some partners have owned the Delhi Golf and Country Club since 1988 and he hopes to make a go of the Strathroy course that has had some tough years.
Since 2000, the golf club had been owned by Getwel Golf Inc. Vanier and London realtor Bruce Sworik purchased a half interest in Getwel in 2007. The balance of Getwel was retained by club pro Hugh Getliffe.
A year later, Vanier personally granted a mortgage of $1.2 million to Getwel and became involved in the venerable club and its operations. Passersby reported seeing his Porsche sports car parked at the Metcalfe St. East facility and he was seen using his luxury Bentley on the grounds.
Getliffe could not be reached for comment. Vanier declined comment and referred calls to Sworik. But Sworik was out of town and could not be reached.
For his part, Carino said he has never met Vanier and learning about his involvement in the course was “news to me.”
The 18-hole, par-71 course was listed for sale earlier this year at $2.1 million, later dropped to $1.75 million.
In 2008, Vanier was ousted from Onco Petroleum by his fellow directors who accused him and his wife Terri Ramage of misappropriating $17 million in company funds.
After Vanier was turfed, he was often seen at the golf course, golfers and those attending special events have told The Free Press. It is understood he didn’t have much involvement this past season. The club, founded in 1914, is one of the oldest in the London area.
Vanier also lost his home and office. Scotiabank recently foreclosed on his luxury home in North London that’s up for sale. And the former Onco Petroleum office on Richmond St. was recently sold, also under power of sale.
Onco is in the hands of a receiver in Windsor that’s trying to liquidate the company’s remaining assets to satisfy creditors. A judge there said this week he needs time to consider a plan to sell the oil and gas leases of the exploration firm to Energex Petroleum, Onco’s lender of last resort.
The judge said he hopes to rule on the assets plan before the end of the year and asked for further written legal arguments.
Vanier founded Onco in London in 2002 with a game plan to revisit and exploit abandoned natural gas and oil deposits in the region. He was banned from being a director of any company or selling shares by the Ontario Securities Commission.
The commission also fined Vanier for misleading investors and securities regulators in connection with Onco’s public offering in 2007 and for failing to disclose his lengthy criminal past in Quebec under his birth name of Carl Gagnon.
Vanier had attracted more than $30 million from more than 1,400 investors before he ran into problems with regulators.
E-mail chip.martin@sunmedia.ca, or follow ChipatLFPress on Twitter.
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@ mikey – maybe that is the guy at my door the other day, trying to sell me cheap hydro!!??
jason stevens, November 26th 2010, 11:34am