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Developer bids $6 million for bankrupt golf course
Manhattan real estate developer Donald Zucker has bid $6 million to purchase the bankrupt Long Island National Golf Club in Riverhead, according to court filings made this past week.
If accepted by the federal bankruptcy judge in Suffolk County, the filing could set in motion the auction and sale of the course on June 25. The bid is what’s known as a “stalking horse” bid, which sets a floor price for a sale or auction if there are other bidders.
Zucker bought another distressed golf course in 2009 when he purchased the North Shore Country Club in Glen Head.
Bob Esnard, president of the Zucker Organization, said Zucker wants to keep Long Island National as a golf course rather than develop housing on the property. “He’s looking to own this,” Esnard said.
The property is being sold by Gatz Properties Llc, which entered Chapter 11 bankruptcy last year after a Delaware Court of Chancery judge ordered Gatz to pay investors $1.7 million. The company also owes Flushing Bank $6.7 million.