The Upper Dublin real estate tied to Lulu Country Club failed to sell at an auction arranged by Montgomery County Sheriff’s office on December 2 and the lender has now formally taken ownership of the property, writes Natalie Kostelni for the Philadelphia Business Journal.
The property had a $14.98 million minimum bid price which was not low enough to entice anybody to submit a bid.
“Since it did not receive any bids, the property now goes back to the plaintiff, LT-Lulu LP,” said Jesse Loomis, CEO of Bid4Assets.
LT-Lulu will finalize its ownership over the property after it receives the deed within the next 30 days.
“All of the claims and debts are wiped out and LT-Lulu will continue to operate it,” said Daniel J. Dugan, an attorney with Spector Gadon Rosen. “From a members point of view, it will be a seamless transition.”
The sheriff sale was a tactical maneuver to remove other claims and debts that other entities may have had against the property. Therefore any liens against the real estate are now gone.
Read more about Lulu Country Club at the Philadelphia Business Journal by clicking here.