Mason, King Buy Gold Club for Nearly $5M

ATLANTA-The former Gold Club adult entertainment establishment in the Buckhead section of Downtown is under new ownership today and headed for a new life as a condominium community, according to the US Marshal’s office here.

The Treasury Department has sold the 1.5-acre property at the intersection of Piedmont Road and Lindbergh Drive to Gwinnett Partners LLC, headed by developers Wayne Mason and Kim King. The $5.3-million price equates to $3.5 million per acre, or about $81.99 per sf, one of the steepest per-sf prices paid to date for a prime local property, area industrial brokers tell GlobeSt.com.

The Treasury will net $2M after paying $500,000 in property liens. The proceeds go to the US Treasury Asset Forfeiture Funds.The government’s deal with the developers stipulates the property can’t be used for any category of adult entertainment.

The Treasury Department acquired a 50% interest in the Gold Club after the August 2001 trial when club owner Steve Kaplan pleaded guilty to racketeering charges. Kaplan was sentenced to 16 months in federal prison; ordered to pay a $5-million forfeiture bond; and make $250,000 in restitution. Other club officials also made plea agreements for reduced jail time.