What do you do when it turns out a wealthy investor can't actually come up with $174.5 million as promised?
If you're Beverly Ray Parkhurst, who owns the landmark Balboa Bay Club and Resort in Newport Beach, you call off your planned sale of the company to Winston Chung of Hong Kong and entertain other offers, as the Times reported Tuesday.
And with your financials improving, you may decide to hold off on a sale altogether for now, a top club official said.
Chung, a battery and electric-vehicle entrepreneur, attracted considerable attention over the last two years by investing in Southern California specialty-vehicle makers and promising to establish a green transportation industry in the Southland.
But his most ambitious idea — to build $5 billion worth of motor homes in Riverside for sale in China — has been on hold for a year because Chinese regulators haven't blessed the deal. He's also had a bitter legal falling out with former business partners in Hong Kong.