The auction of the Oak Lane Golf & Country Club in Woodbridge, Conn. failed to materialize Tuesday because four prospective bidders would not guarantee to meet the $1.59 million minimum asking price.
More than 80 golfers, developers, residents and town officials gathered at the 1027 Race Brook Road country club waiting for the auction to start at 1 p.m.
At 2 p.m. Joshua Olshin, president of the Tranzon Integrated Property Group of New York, the auction overseers, declared it over before it began. He said there was not enough interest to proceed. Olshin said none of the prospective bidders pledged to meet the minimum bid required by members of the defunct club.
Olshin said the members did not want to risk beginning the auction unless there was a guarantee the minimum would be reached. He said prospective buyers can still submit offers. Olshin said it’s possible People’s United Bank, which holds the note on the property, could foreclose, and then auction off the property.
Oak Lane celebrated its 50th anniversary last year, but succumbed to the recession. The club owns 84 acres, and leases 94 acres from the Baldwin family. The country club’s property includes holes 1-10, a superintendent’s home and a maintenance facility.
READ THE FULL ARTICLE>>