News: Front Section
Posted: January 25, 2019
JJManning completes auction of Carnegie Abbey Club for $8.805m
Portsmouth, RI JJManning Auctioneers completed the January 10th closing of the $8.805 million auction sale of fee & leasehold interests in Newport County’s “The Carnegie Abbey Club” held on December 4.
The auction was a multi-part or in the entirety event featuring the Donald Steel designed 18-hole course, clubhouse, and 41-slip marina that lie on 280 acres on Narragansett Bay owned and leased by the Benedictine Monks who operate the neighboring Portsmouth Abbey School. Also included was 6.2 acres of condo development land and 2.5 acres of residential development land.
Marina owners, golf course operators, investors, and developers were represented among the registered bidders. A crowd of over 80 included many members who watched as the 7 bidders vied for 5 auction groupings, rising with a spontaneous roar of applause when Justin Manning’s hammer fell and one of the more active buyers, represented by counsel, took the auction in the entirety. Laura Decker, director of membership & marketing for The Carnegie Abbey Club later indicated that the buying entity “consists of a group of current members committed to restoring the club to the high standards it has historically been known for.”
JJManning Auctioneers has a history of successful golf course sales including The Georgetown Club, Pleasant Valley Golf Club, and Sterling National Golf Club among others.
On January, 30, the company will be offering Black Birch Golf Club & Banner Country Club Estates, an 18-hole golf course with 285 approved to be built residential condos on 405 resort zoned acres in East Haddam, CT. The firm is also accepting consignments of commercial, industrial, and residential properties for spring auctions.
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