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One of Nova Scotia’s wealthiest men has bought up the properties associated with Cabot Cape Breton in Inverness County and increased his ownership stake in the company that runs the top-ranked Cabot Links and Cabot Cliffs golf courses.
Companies controlled by John Bragg, the billionaire CEO and founder of the Bragg Group, whose holdings include Oxford Frozen Foods and Eastlink, are now listed as the owner of the golf course properties and other commercial and residential parcels including condominiums, according to the province’s online land registry.
In addition, one of Bragg’s companies is also listed as a shareholder in the Cabot Links company started by golf entrepreneur Ben Cowan-Dewar.
Neither Bragg nor Cowan-Dewar responded to requests for comment.
However, in an undated letter to Cabot homeowners supplied by Bragg’s office, Cowan-Dewar said Bragg is a “valued partner, a fellow homeowner and an investor in Cabot for many years” who is “increasing his ownership stake in Cabot Cape Breton.”
In the letter, Cowan-Dewar said there are no changes to the company’s staff and operations that include golf and accommodations.
Companies owned by Oxford Frozen Foods CEO John Bragg, seen in this file photo, now control commercial and residential properties associated with Cabot Cape Breton. (Radio-Canada)
“I want to emphasize that nothing about Cabot Cape Breton is changing,” he said.
Cowan-Dewar also said after 21 years, he intends to continue leading the company.
Neither the price of the land sales nor the value of Bragg’s share in the operations has been made public.
Last year, records showed Cabot Cape Breton owned 38 commercial and residential properties in Inverness County, including five condominium properties totalling 44 units next to the golf courses in Inverness.
At the time, the assessment value on the condominiums alone was more than $53 million, generating more than $560,000 in residential taxes for the county, and a handful of the properties still haven’t been fully developed.
Last year, Bragg began work to develop a new 18-hole golf course and four-season resort in Collingwood Corner, Cumberland County, near Oxford. (Luke Ettinger/CBC)
Inverness County said Cabot’s tax bill last year was just over $1.2 million, which included $630,573 in commercial taxes and $592,871 in residential taxes.
Bragg’s involvement with Cabot is not his only golf interest in Nova Scotia.
Last year, he began work to develop a new 18-hole course in Collingwood Corner, Cumberland County, near Oxford.
The River Philip Golf Resort is being touted as a four-season operation with up to 180 residential building lots, more than 80 RV lots, an inn, pro shop, clubhouse and restaurant, with access to the river for fishing and trails for hiking, mountain biking, ATVs, nordic skiing, snowshoeing and snowmobiles.
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