April 05, 2011
Boston Business Journal - by Craig M. Douglas
Date: Tuesday, April 5, 2011, 11:24am EDT
Ever want your own putting green? A fleet of golf carts? How about 180-acres of well-irrigated land replete with an 18-hole course? Then come on down to Lakeville, where everything must go, go, go!
In roughly two weeks The Lakeville Country Club and its myriad assets will be headed to the auction block, and it's our guess that it can all be had for, oh, $4,958,586.09 ... or something thereabouts. That's the amount the course's current owner, Gary J. Mosca of Lakeville, was on the hook for as of late 2009. The debt was a holdover from a 2003 mortgage Mosca landed from Morgan Stanley Dean Witter Commercial Financial Services Inc.
Morgan Stanley is now aggressively moving to recover some or all of that money through a foreclosure auction slated for later this month. Until then Mosca will continue to own the course and all of its affiliated assets.
A call to Mosca was not returned Tuesday.
Nonetheless, the property is scheduled to be auctioned April 20 by JJManning Auctioneers of Yarmouth Port. According to the auction's marketing materials, the course opened in 1963 and features 9,870 square feet of facilities, including a 3,300-square-foot clubhouse. Other amenities include an automated course-irrigation system; a 1,156-square-foot pro shop; a 2,750-square-foot cart barn; and a sizeable lake.
While promoted as a "championship" course, the Lakeville links are best known for an unfortunate incident in 2009 involving a swastika and the word "Obama" carved into the 18th hole's putting green. The matter triggered national headlines as well as multiple law-enforcement investigations, although no arrests have been reported.