The 137-acre Haverhill, Mass., property with an 18-hole course was bought for $960,000 by Sterling Golf Management, which manages eight other courses in Massachusetts and one in New Hampshire. The sale culminates a longstanding dispute between the city of Haverhill and previous owner Michael Maroney.
Crystal Lake Golf Course in Haverhill, Mass., has a new owner, The Eagle-Tribune of North Andover, Mass. reported. The 18-hole, 137-acre North Broadway course was sold at a bank-ordered auction for $960,000 on January 11 to Sterling Golf Management Inc., a Newton, Mass.-based company which manages eight other courses in Massachusetts and one in New Hampshire.
C&RB reported in July 2016 about the circumstances that led to the auction, which was then delayed for more than a year (http://clubandresortbusiness.com/2016/07/crystal-lake-gc-set-bank-ordered-auction/).
The auction was held on the grounds of the course, The Eagle-Tribune reported, which has been the epicenter of a lawsuit between the city of Haverhill and the course’s previous owner, Michael Maroney.
Kevin Osgood, Sterling Golf’s President, was on hand to bid for the course, which auctioneer Paul McInnis said after the auction was valued at around $1 million, The Eagle-Tribune reported. The entire auction lasted for roughly 15 minutes and the bidding for the course started with Osgood making an initial offer of $600,000.
Osgood was one of only two individuals bidding on the property and the course’s equipment, which his company also purchased for $100,000, The Eagle-Tribune reported.
McInnis said that of the roughly 50 people on hand to witness the auction, only eight had filed the necessary paperwork to bid for the course, The Eagle-Tribune reported. Those in attendance included longtime Crystal Lake members and residents of some of the homes on the property.