Tuesday, June 2, 2015

Golf wars: Hershey shuts, Woodcrest for sale

Overpriced trophy properties will be developed

Golf wars: Hershey shuts, Woodcrest for sale

Milton Hershey School is shutting the golf course the $9 billion-asset charity bought at an above-market price from an insider back in 2005, my colleague Bob Fernandez, who's chronicled a string of Hershey transactions, reports here. The school is under scrutiny by state Attorney General Kathleen Kane, first Democrat elected to that post to probe an institution that's long been the subject of protective actions by her Republican predecessors.

Separately, the Brown family's fight to get hold of Cherry Hill's historically Jewish country club, Woodcrest, appears to be succeeding, as a South Jersey judge confirms a trustee favorable to the Brown's Sun National Bank and other creditors, my colleague Joe Gambardello reports here.

The club has remained open though the trustee, Blank Rome lawyer Bonnie Glantz Fell, is moving toward offering the 155-acre property for sale. The Brown family (patriarch Bernie, senior son Sid) have been wrestling Woodcrest club chairman Irv Richter (of Hill International) and his allies for control of the rare open suburban property since Woodcrest defaulted on an $8 million Sun loan that funded a financially unsuccessful clubhouse project a few years back, as I reported here in 2010.

About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano