King ordered to sell kingdom
COURTESY PHOTO
506th District Judge, Gary W. Chaney, ruled in favor of the plaintiff, May 7, to uphold the sale of the Texas Renaissance Festival in Todd Mission.
In cause No. 036177, “RW Lands, Inc., Texas Stargate, Inc., Royal Campground, Inc., and Texas RF, Inc., Plaintiffs, versus Texas Renaissance Festivals, LLC, Stargate Manor Arboretum, LLC, and George Coulam, Defendant,” Chaney upheld the sales contract for the purchase of the Texas Renaissance Fair, TRF assets and other properties.
According to the plaintiff’s original petition, around April 7, 2023, they entered into an agreement with the defendant to purchase the TRF property, purchased assets and assumed liabilities for $48 million.
The plaintiff deposited $400,000 with the Escrow Agent, Old Republic Title Group and was expected to pay $11,600,000 at closing. The plaintiff also agreed to purchase the property at 121 Mill Creek Drive in Todd Mission from Stargate Manor Arboretum, LLC and George Coulam for $12 million. The agreement required a deposit of $100,000 of earnest money into escrow, pay $2.9 million at closing and execute a promissory note totaling $9 million including interest.
Closing was set for Aug. 8, 2023, but the plaintiff states George Coulam went silent and didn’t comply with the closing which ultimately resulted in the lawsuit.
Official ruling by 506th District Court Judge, Gary W. Chaney
The Court will enter Judgment as follows:
l. The Court Orders Specific Performance under the purchase sales agreements;
2. Damages awarded to Plaintiff in the amount of $22,350,909;
3. Attorneys' fees awarded to Plaintiff in the amount of $1,000,000;
4. Attorneys' fees on appeal per stipulation (i.e. 100,000/50,000/100,000);
5. Interest and costs of court awarded to Plaintiff;
6. Attorney for prevailing party (i.e. Mr. Laporte) to prepare the Judgment and any all related documents. Mr. Laporte will circulate the proposed Judgment and related documents to all counsel before entry date; and
7. Parties will contact the Court Coordinator for entry date