We reported in January that Long Island National in was in trouble. New York based real estate developer/investor, and golf enthusiast, Donald Zucker (photo right) purchased the course with a $6 million with a stalking horse bid. The big news is that Zucker plans to take the course private. He’s already had success with turning around the member’s only North Shore Country Club.
Here’s how NewsDay report the Zucker purchase.
No other qualifying, competing bids were received, and therefore no auction was held as set forth in the order approving the bid procedures,” said Adam Wofse, attorney for the course’s owner, William Gatz of Cutchogue. “The debtor will be moving forward to close with the buyer.”
Zucker’s offer was what is called a “stalking horse bid,” which sets a floor price for an auction. Wofse, an attorney at the Wantagh firm of LaMonica Herbst & Maniscalco LLP, said the bankruptcy judge at the federal court in Central Islip approved the sale Wednesday.
“It is such a great golf course, and we are going to keep it as a golf course,” the Manhattan real estate developer said Friday during the U.S. Women’s Open at Sebonack Golf Club, where he is a member.
Golf cognoscenti at the Open this week believe Zucker made a great deal in getting the public course for $6 million. Zucker hopes to stage another revival like the one at North Shore Country Club in Glen Head, a private club that was on the verge of demise before he rescued it in 2009. He hired Tom Doak, co-designer of Sebonack, to renovate the Seth Raynor design.
“I’m so pleased with what’s happening at North Shore. We’re attracting new members left and right,” Zucker said. “We have kids all over the place. The kids have the same rights as anybody.”
Zucker became a golf enthusiast later in life, but fell in love with the sport head over heels. He said he heard only good things about Robert Trent Jones Jr.’s layout at Long Island National, and that prompted him to bid on it. He added, “I will have Tom Doak put his eyes on it.”