Union League wants to buy Cherry Hill golf course

The club house at the Cherry Hill's Woodcrest County Club. It's costly expansion led to bankruptcy.
The club house at the Cherry Hill's Woodcrest County Club. It's costly expansion led to bankruptcy. (Ron Tarver)
Posted: April 02, 2013

The Union League of Philadelphia wants to buy Cherry Hill's bankrupt Woodcrest Country Club and continue to operate it as a golf course, an attorney for the Center Center institution said Monday.

Attorney Edmond George told U.S. Bankruptcy Court Judge Judith H. Wizmur the League intends to bid on what was known as a traditionally Jewish country club when it is sold at public auction, now set for May 20.

A Marlton real estate group has already entered into an agreement with a bankruptcy trustee to buy the club for $6.25 million, an offer that will serve as the minimum bid for the auction.

Under terms approved Monday by Wizmur, interested buyers will have to bid at least $100,000 above the offer made by Cherry Hill Land Associates L.L.C., a subsidiary of First Montgomery Group.

Cherry Hill Land Associates also will also receive a $156,000 breakup fee and $50,000 in expenses in the event the club is sold to another bidder, under the terms approved by Wizmur.

At a hearing today in Wizmur's courtroom in Camden, George had argued that those terms would dissuade potential bidders, who will have to pay at least $300,000 above the minimum bid to satisfy the terms.

A lawyer for the bankruptcy trustee disagreed.

"There's plenty of interest here, as evidenced by Mr. George being here in court," said attorney Michael Schaedle.


Contact Maddie Hanna at (856) 779-3232 or mhanna@phillynews.com.

 

comments powered by Disqus
|
|
|
|
|