Thursday, May 28, 2015

What's a golf course worth, these days?

Two of South Jersey's most powerful businessmen fight over the future of the Woodcrest country club

What's a golf course worth, these days?

Sun National Bank, Vineland, lent the Woodcrest country club, Cherry Hill, $8 million for a fancy new clubhouse. That was in 2002. The debt is now over $10 million, and Woodcrest hasn't been paying. So Sun boss Sid Brown, who's also a Woodcrest member, has taken Woodcrest to court.

But even if Sun gets the club, what's it worth? The nearby Pine Hill club sold for a reputed $3.7 million last year, and that's not nearly enough to make Sun whole. Current Woodcrest President Irvin Richter, founder of Hill International of Marlton, is trying to keep the club going as the case winds through Superior Court down in Cumberland County NJ. More here.

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