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Lulu country club3/9/2023 “We needed to get clean ownership,” Dugan said. It initiated and obtained a mortgage foreclosure in Montgomery County Court of Common Pleas in March 2015 when the club was struggling and defaulted on payments, according to court documents.Ī limited liability corporation and LT-Lulu, which is a related entity, purchased from Summit Bridge the underlying mortgage, note and judgment and pursued the sheriff sale as part of the transfer process, the Philadelphia Business Journal reported. The original lender to Lulu Country Club was Summit Bridge National Investments. The sheriff sale brings to a close a situation that had weighed on the club, which has an 18-hole Donald Ross-designed golf course on 115 acres, the Philadelphia Business Journal reported. It also formalizes LT-Lulu’s ownership of the property. The sheriff sale was a maneuver to get rid of other claims and debts that others may have had against the property and now any liens put against it are gone, Dugan told the Philadelphia Business Journal. “From a members point of view, it will be a seamless transition.” “All of the claims and debts are wiped out and LT-Lulu will continue to operate it,” he said. Dugan, an attorney with Spector Gadon Rosen representing LT-Lulu, told the Philadelphia Business Journal. In this case, LT-Lulu becomes the owner and that will be finalized when it receives the deed over the next 30 days, Daniel J. “Since it did not receive any bids, the property now goes back to the plaintiff, LT-Lulu LP,” said Jesse Loomis, CEO of Bid4Assets, which oversaw the auction. A $14.98 million minimum bid price was set for the property and no bids were made to buy it at the auction. did not sell at a December 2 auction arranged by the Montgomery County Sheriff’s office and its lender is now owner of the property, the Philadelphia Business Journal reported. The underlying real estate tied to Lulu Country Club in Glenside, Pa. The sale was a maneuver to get rid of other claims and debts that others may have had against the property, and now any liens put against it are gone. property, which has an 18-hole, Donald Ross-designed golf course on 115 acres, but no efforts were made to buy it at the auction arranged by the Montgomery County Sheriff’s office. A minimum bid price of $14.98 million was set for the Glenside, Pa.
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