Sunday, September 21, 2014
Inquirer Daily News

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.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

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

Joseph N. DiStefano
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