When Wayne resident Hugo Mazzalupi decided to auction off his Patriots Glen National Golf Club in Elkton, Md. His minimum reserve, $500,000, proved to be one of the difficulties in finding a buyer, writes Michael Bamberger for Golf.com.
If Mazzalupi’s threshold was not met, he would not be selling, he decided.
The auction included the course with its driving range and maintenance buildings. The land could not be developed, and the clubhouse was not part of the deal. However, the lease to the bar and restaurant inside the clubhouse was. The liquor license would also have to be secured separately from the county.
Mazzalupi’s main selling point was that the course could be profitable on its own, as well as enjoyable to operate for somebody who lived in the vicinity. It could be an ideal mom-and-pop operation, even more so for those who are trying to raise kids who play the sport.
Once bidding started, however, the auctioneer was unable to generate a bidder willing to put up the half million minimum who was also acceptable to the seller.
Mazzalupi now needs to come up with a new course of action for the club, which he acquired in 2013.
Read more about Hugo Mazzalupi at Golf.com.
