21 Aug 2014
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Woodcrest Country Club Sold to Developer

Four bidders were vying for the course in Monday's auction.

Woodcrest Country Club Sold to Developer

Woodcrest Country Club was sold to a developer at Monday morning’s auction in Philadelphia.

Marlton-based Cherry Hill Land Associates, the so-called stalking horse bidder that set the floor of $6.25 million, went well over that mark, outbidding three others—the Union League of Philadelphia, Camden County and an investment group led by Camden County Democratic Party leader George E. Norcross III—to win the club.

The final bid came in at $10.1 million for the bankrupt golf course, which edged out the bid put in by WGCA Associates, the group headed by Norcross and Pennylvania investor Ira Lubert.

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Township and county officials say they're still opposed to development of any sort at the club.

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“We are disappointed that our $10 million bid was not enough to win the auction and ensure the restoration and preservation of this nearly century-old community landmark," Norcross said in an email following the auction. "As one of the largest remaining green spaces in Cherry Hill township, this site is unique in all of South Jersey. While we are disappointed in the outcome, it is our fervent hope that the new owners will honor the longstanding community’s wishes to keep this site open and available for all to enjoy for generations to come.”

Bankruptcy trustee Bonnie Fatell described the auction, which was attended by about 35 people and wrapped up just after 11 a.m. as "lively."

“We are very pleased and appreciate the participation of the other bidders,” Fatell said in an email. “The bidding at the auction reflects the tremendous interest in the property. I am pleased that we were able to maximize the value of the country club.”

A hearing to approve the sale is scheduled for Friday afternoon in U.S. Bankruptcy Court in Camden, and Fatell said the deal could close by the end of the month.

For more on this story, read:

  • End Comes for Woodcrest Country Club
  • Possible Bidders File in Woodcrest Country Club Auction: Report
  • Cherry Hill Calls for Tax Sale in Woodcrest Country Club Bankruptcy
  • Woodcrest Country Club Could Go to Auction in May
  • Woodcrest Country Club Goes to Auction May 20
  • Woodcrest Country Club Closed-Door Auction Draws Members' Ire
  • Woodcrest Bankruptcy Auction Turns Political
  • Woodcrest Auction Bid Approved by Camden County Freeholders
  • Norcross Announces Bid for Woodcrest Country Club

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