Over 30 Parties Interested in Buying Bankrupt Sea Oaks Golf Resort



 
 
Sea Oaks Golfing Resort and Region Club in Tiny Egg Harbor Township has not been offered, in accordance to spokesman Jon Whelan. “Presently, all events are ready for the decide to approve a sale to the secured creditor and to rule on an unsecured creditor problem, which is nevertheless pending. Once these issues are dealt with and the residence can be offered ‘free and clear,’ we will reach out to the 30+ teams that have expressed curiosity in acquiring the house,” he stated in an e mail.
In June, Joseph Mezzina, proprietor of Sea Oaks in Minor Egg Harbor Township, submitted for safety from lenders in federal personal bankruptcy court. The golfing vacation resort incorporates an 18-hole premier golfing program and 31-area inn. Both have been closed considering the fact that the pandemic unexpected emergency begun in March. Also shuttered is the Sea Oaks cafe and banquet hall.
In the Chapter 11 submitting, the golf resort experienced liabilities of about $10.3 million, with most of that owed to Atlantic Residences Inc. of  Toms River. Atlantic Households sued Sea Oaks in state courtroom in February. Atlantic Homes retains a 49 p.c stake in Sea Oaks Golf Club, in accordance to the submitting in U.S. Personal bankruptcy Court docket, Trenton.
Sea Oaks State Club LLC also sought Chapter 11 safety with liabilities of almost $13 million. The place club leases the residence from Sea Oaks Golfing Club. Unsecured collectors of the state club include things like people today who have booked the club for celebrations.
Sea Oaks also has approvals to establish 29 condominiums on a former observe assortment.
When reached on Friday, 79-yr-old Joseph Mezzina stated his legal professional would not allow him to comment on the court proceedings.
Nevertheless, Mezzina stated he sold his true estate agency on Radio Road in Little Egg Harbor 10 years back and continues to run an air good quality and mildew remediation enterprise, Synatech, with his son.
The Sea Oaks Owners Association, owners of the frequent home in the senior improvement surrounding the golfing training course which include two swimming pools and club for users, is a individual entity and not associated in the personal bankruptcy proceedings.
1 resident who preferred to stay anonymous mentioned some homeowners acquired life span memberships in the golf club and are anxious to know if individuals will be honored if a new consumer is uncovered and authorized by the court docket. The grounds of the golf class are staying taken care of throughout the individual bankruptcy, said the resident. Unconfirmed rumors are swirling on who possible customers may be, together with previous Eagles quarterback and ESPN commentator Ron Jaworski, who owns 7 golf classes, 5 in New Jersey. Resort LBI developer Christopher Vernon may also be intrigued.  —P.J.
(Photograph by Jack Reynolds)
 
 
 
 

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