posted on May 18, 2011 10:39
Cape Cod Times 05/18/2011
SANDWICH — The golf course, clubhouse and related facilities at the center of The Ridge Club, a gated community in Sandwich, are set to be sold at auction on June 7 (POSTPHONED TO JUNE 14, 11AM).
The foreclosure proceeding was initiated by Utah-based Capmark Bank, which loaned the country club's owners, CPG Ridge Club LLC, $6.2 million in March 2008, according to records in the Barnstable County Registry of Deeds.
The company bought the property — which includes a private, 18-hole golf course, 86 acres of land, a 17,800-square-foot clubhouse and several other buildings — for $5.9 million in August 2007, according to registry records.
The property's facilities include a tennis complex, heated pool with locker rooms and snack bar, and a clubhouse with dining rooms, bar, kitchen, function space, locker rooms and pro shop, according to the website of auctioneer Daniel P. McLaughlin & Co.
The club was developed in the 1980s. Previous owner Mark Ventre bought the property in 2003 for $2.5 million.
Capmark referred inquiries to Thomas Fairfield, its executive vice president and general counsel. Fairfield was traveling on Tuesday and could not be reached for comment.
A message left Tuesday afternoon at the Ridge Club seeking comment was not returned.